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Cambodia

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About

Cambodia

Capital
Official languages
Population 
Currency

ISO 4217

Phnom Penh

Khmer

16,204,486 (as of July 2019)

Cambodian Riel

KHR

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Economy

"Cambodia has seen a steady growth in its economy over the past few years. According to the World Bank, the country's GDP grew by 7.1% in 2019, making it one of the fastest growing economies in the world. The country's exports have also seen a significant increase, with exports reaching $14.7 billion in 2019, up from $12.3 billion in 2018. The country's main exports include garments, footwear, and agricultural products.

The country has also seen a rise in foreign direct investment (FDI), with FDI inflows reaching $3.2 billion in 2019, up from $2.7 billion in 2018. This has been driven by the country's strong economic growth and its attractive investment climate.

Cambodia has also seen a rise in tourism, with the number of international visitors reaching 6.2 million in 2019, up from 5.6 million in 2018. This has been driven by the country's rich cultural heritage and its beautiful beaches.

Overall, Cambodia has seen a steady growth in its economy over the past few years, driven by strong economic growth, increased exports, and increased foreign direct investment. This has been further bolstered by the country's attractive investment climate and its growing tourism industry."

Taxation

Cambodia is a country located in Southeast Asia with a relatively simple tax system. The tax system in Cambodia is regulated by the Law on Taxation and administered by the General Department of Taxation.


Personal income tax is levied on all residents of Cambodia, including foreign nationals who reside in the country for more than 182 days per year. The tax rates are progressive, ranging from 0% to 20%, depending on the income level. The first KHR 1,200,000 of annual income is exempt from taxation, and there are various deductions and credits available to reduce the tax liability.


Corporate income tax is levied on all companies and businesses operating in Cambodia. The standard corporate tax rate is 20% on the net taxable income. However, there are various tax incentives available for certain industries and activities, such as the promotion of research and development and investment in certain regions of the country.


In addition to federal taxes, there are also other taxes levied on businesses operating in Cambodia, such as the value-added tax (VAT), which is currently 10%, and various excise taxes on certain products.


The tax year in Cambodia runs from January 1st to December 31st. The deadline for filing personal income tax returns and paying any outstanding tax is usually March 31st of the following year, while the deadline for filing corporate tax returns and paying any outstanding tax is generally June 30th of the following year.


Payments can be made online or in person at designated banks. Penalties for late payment or non-payment of taxes can range from fines to imprisonment, depending on the severity of the offense. Additionally, interest may be charged on any outstanding tax liability.


Overall, taxation in Cambodia is relatively simple, with a moderate tax burden compared to other countries in the region. It is important for taxpayers to consult with local tax advisors or government authorities to ensure compliance with the relevant tax regulations.

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