Chamber wants new tax laws

The private sector has called on the government to review Cambodia’s taxation law, a statute that business leaders say is outdated and needs to change if Cambodia wants to continue to attract foreign investment. Led by Cambodia Chamber of Commerce (CCC) president Kith Meng, a delegation of more than 100 business people met with Kong Vibol, secretary of state for the Ministry of Economy and Finance, at the CCC headquarters in Phnom Penh yesterday. They encouraged a review of the Law on Taxation passed in the late 1990s, which Meng said did not match the current needs of the Cambodian economy. … Although details were not discussed at these initial talks, the draft agenda called for a lowering of the value-added tax (VAT) from 10 per cent to seven per cent, in line with other ASEAN members. Thailand’s VAT, for example, is 7 per cent. … Tax revenue grew about 20 per cent in the first half of this year compared with the same period in 2012, but economists and opposition leaders have cast doubt on the figures. …  

http://www.phnompenhpost.com/business/chamber-wants-new-tax-laws