Duration: 1 hour
The EuroCham Tax Committee, led by Mr. Antoine FONTAINE and Mrs. Kimsroy Chhiv, met on January 23rd, 2024, to address various tax-related issues and strategies to create a favourable tax environment in Cambodia with the following points:
Simplifying the VAT refund system: the current VAT refund system is time-consuming and involves multiple steps. The committee aims to simplify it by shortening the steps involved in the process.
Advocating for the right to make mistakes: Cambodia is striving to become a more business-friendly environment for foreign investors and improving the relationship between taxpayers and authorities could help this cause. Mistakes can happen, even when taxpayers act in good faith. Therefore, it is important to allow taxpayers the chance to rectify their mistake if they acted in good faith and made an unknowing error. This is in line with “Voluntary Disclosures” described in Prakas 217. While taxpayers who knowingly circumvent the law should be subjected to the appropriate penalties, those who have a record of compliance should not necessarily face harsh penalties for an honest mistake.