Ministry of Economy and Finance

The Cambodian government recently laid out the framework for the creation of a National Council of Logistics, a specialised interministerial team designed to tackle the high costs of the Kingdom’s logistics sector to promote the efficient flow of exports, according to a royal decree issued ...

The Ministry of Economy and Finance (MEF) recently decided to shrink the tax burden for local microfinance institutions (MFIs) by lowering withholding tax on interest from loans acquired from abroad from 14 to 10 percent, a move that the government claims will keep the massive ...

The government plans to borrow an additional 1 billion through Special Drawing Rights (SDR), or $1.4 billion, to meet its planned budget for next year, bringing the total national debt to $7.6 billion by the end of 2018 compared to the current level of $6.2 ...

An inter-ministerial joint working group yesterday said it would continue its work on resolving land disputes for 540 families battling sugarcane companies in four provinces. ...

The government has borrowed $732.06 million in the form of concessional loans from development partners (DPs), amounting to 74.83 percent of the debt ceiling of Special Drawing Rights (SDR) approved by the National Assembly last year, according to the latest report on Cambodia’s public debt. ...

The government spent far less than half of its approved $5 billion budget for expenditures in 2017 during the first six months of the year, according to a new report by the Ministry of Economy and Finance (MEF). ...

A government project to boost the production of chemical-free vegetables has taken-off, with supplies already available in Cambodian markets, according to an Agriculture Ministry official. ...

Cambodia moved a step closer to becoming an oil-producing nation yesterday after the government finalised its long-awaited production-sharing agreement with Singapore-listed KrisEnergy to develop the country’s first oil field. ...

The General Department of Taxation reaffirmed yesterday that two radio outlets, Radio Free Asia and Voice of America, will have to pay tax, contrary to a statement made by Minister of Information Khieu Kanharith. ...

Phnom Penh Governor Khoung Sreng said the municipality was half-way through a two-week crack-down on pawn shops in order to prevent the sale of stolen goods at the increasing number of second-hand establishments across the capital. ...

An Economy and Finance Ministry spokesman denied any political motive for investigating NGOs and media outlets over tax payments on Tuesday, saying private enterprises were also under scrutiny. ...

The government announced yesterday that it would “intervene” to support the price that farmers receive for their paddy rice, though without instituting a price floor or direct subsidies that would jeopardise a free market. ...

Popular media outlets Radio Free Asia and Voice of America have become the latest to draw the attention of the government for allegedly not paying taxes, one week after a letter to the Cambodia Daily demanding more than $6 million in back taxes was leaked. ...

Cambodia’s market regulator has finalised regulations for establishing a corporate bond, moving one step closer to introducing a new capital market tool that would allow companies to raise funds for expansions, debt refinancing or acquisitions, officials announced yesterday. ...

Cambodia’s first draft national strategy on promoting the riel is to be finalised next month and has been sent to the economic and financial policy committee of the Ministry of Economy and Finance for review and endorsement by end of the year. ...

The World Bank will disburse some $540 million from 2018 to 2021 to finance economic development in Cambodia with a focus on supporting the implementation of the government’s Industrial Development Policy as well as other socio-economic projects. ...

The government collected $915 million in tax revenue during the first six months of the year, according to figures released yesterday by the Ministry of Economy and Finance. ...

The Financial Management Information System (FMIS), a reform initiative designed to improve the governance and transparency of national budget management, will be applied to 10 government ministries later this year after a successful implementation of the scheme at the National Treasury Department, officials said yesterday. ...

Cambodia has invested more than $1 billion on infrastructure, especially on transport, a senior official at the Ministry of Economy and Finance says. ...

The industry body representing the Kingdom’s myriad microfinance institutions (MFIs) threw down the gauntlet yesterday, announcing that its members had categorically rejected a government directive that orders them to charge a value-added tax (VAT) on financial services fees and would not apply it. ...

Cambodia’s economic growth is expected to remain stable this year with inflation rising slightly on increases in the costs of global fuel and food prices, the Asean+3 Macroeconomic Research Office (AMRO) concluded following its annual consultation visit to the Kingdom. ...

The Ministry of Economy and Finance (MEF) organised a consultation workshop yesterday to gather information and comments from agriculture sector stakeholders to assist in the preparation of a 2018 national budget that would better support to the sector. ...

A private sector task force set up by Cambodia’s pig farmers to monitor live swine imports and investigate reports of illicit smuggling has been disbanded after receiving a cold reception from government officials, the initiative’s leader said yesterday. ...

The tax authority yesterday refuted local media claims that it had endorsed a private sector call to end Phnom Penh City Hall’s taxation of billboards and commercial signage throughout the capital, which advocates have said imposes an onerous levy on local businesses. ...