Update tax regulations for the Vietnam-Cambodia business community

Workshop on “Updating laws and legal documents on tax and tax obligations to members of the Vietnam-Cambodia Business Association (VCBA). (Photo: DINH TRUONG)

On October 24, in Phnom Penh, the capital of the Kingdom of Cambodia, the Vietnam-Cambodia Business Association coordinated with the General Department of Taxation of Cambodia to organize a workshop to update information on laws and legal documents related to taxes and tax obligations for members of the Vietnam-Cambodia Business Association.

About 120 delegates from Vietnamese enterprises investing and doing business in the area, some experts from the General Department of Taxation of Cambodia and officials from the Vietnamese Embassy in Cambodia attended the event.

Speaking at the workshop, Ambassador Ngo Van Tuat, Chargé d'Affaires of the Vietnamese Embassy in Cambodia, highly appreciated the Vietnam-Cambodia Business Association in coordinating with the General Department of Taxation of Cambodia to organize the workshop based on the direction of Vietnamese Ambassador to Cambodia Nguyen Minh Vu and Dr. Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance of Cambodia.

Ambassador Ngo Van Tuat emphasized that on the basis of the traditional friendship and comprehensive cooperation between Vietnam and Cambodia, which has been increasingly consolidated and developed, economic, trade, investment and tourism cooperation between the two countries has achieved important progress and has been identified by the two countries' senior leaders as a key area of cooperation from now until 2030.

Ambassador Ngo Van Tuat emphasized the potential of economic-trade-investment cooperation between Vietnam and Cambodia. (Photo: DINH TRUONG)

According to the Ambassador, the success of Vietnam-Cambodia economic cooperation in recent times has had a great contribution from the business communities of the two countries. Vietnamese enterprises have invested systematically and long-term, complied with local laws, created tens of thousands of jobs for Cambodian people and contributed to the budget and local socio-economic development. Cambodian enterprises have also been increasingly proactive in cooperating, connecting supply chains and participating more deeply in the Vietnamese market.

Ambassador Ngo Van Tuat said that in the context of Cambodia promoting digital transformation in tax management, many businesses still face difficulties in updating and grasping new regulations. Therefore, this workshop is a valuable opportunity for businesses and tax authorities to exchange frankly and openly, and answer specific questions for mutual development.

The Vietnamese Embassy in Cambodia affirmed that it will continue to accompany the Vietnam-Cambodia Business Association, listen to, synthesize and promptly convey recommendations and difficulties of businesses to relevant Cambodian agencies, contributing to removing obstacles, improving the investment environment and enhancing the effectiveness of economic cooperation between the two countries.

Chairman of the Vietnam-Cambodia Business Association Oknha Leng Rithy said the workshop was a clear demonstration of good coordination between local authorities and the business community. (Photo: DINH TRUONG)

On behalf of the Vietnam-Cambodia Business Association, Chairman Oknha Leng Rithy emphasized the significance of the workshop in contributing to strengthening trade cooperation between Cambodia and Vietnam, and said that the event is a good opportunity for the parties to seek new opportunities and share useful information together, solving current challenges.

According to the Chairman of the Vietnam-Cambodia Business Association, the workshop is a clear demonstration of the good coordination between local authorities and the business community, demonstrating the common will in supporting companies and businesses, especially in the agricultural and industrial sectors, to operate legally, conveniently and stably.

The event is a valuable opportunity for delegates to update information on laws and legal documents related to taxes and tax obligations in Cambodia. (Photo: DINH TRUONG)

Dr. Eng Ratana, Director General of the Large Taxpayer Management Department of Cambodia, shared about the Pentagon Strategy Phase 1 of the Government of Prime Minister Hun Manet, emphasizing the role of reform and strengthening governance, contributing to the effective implementation of the Strategy. The General Department of Taxation of Cambodia has been actively reforming and modernizing tax administration, tax laws and tax systems.

Dr. Eng Ratana also appreciated the significance of the workshop, affirming his readiness to work with relevant management departments to answer questions from the business community.

At the workshop, members of the Vietnam-Cambodia Business Association had the opportunity to listen to updated and useful information related to tax obligations, ask questions, send recommendations to representatives of the General Department of Taxation of Cambodia, discuss with other delegates about tax obligations, as well as meet, exchange, learn more about investment and business opportunities, and strengthen economic and trade cooperation between Vietnam and Cambodia.

DINH TRUONG

Nhan Dan Newspaper reporter based in Cambodia

Source: https://nhandan.vn/cap-nhat-cac-quy-dinh-ve-thue-cho-cong-dong-doanh-nghiep-viet-nam-camuchia-post917787.html