The General Department of Taxation (GDT) has announced that companies wanting to benefit from tax cuts resulting from the country’s double taxation avoidance (DTA) agreements must send in their applications before March 31.
The announcement said taxpayers who enjoy tax breaks stemming from a DTA must re-apply using GDT’s online system before the end of the month.
“The benefits will be implemented for the whole year, starting from January 1. Taxpayers who have not been granted tax benefits under a DTA must comply with all existing regulations,” the announcement said.
Cambodia Investment Management group CEO Anthony Galliano told The Post recently that DTAs abolish and discourage incidents of double taxation, promote bilateral investment, clarity and transparency, stimulate global trade, and, most importantly for Cambodia, attract foreign investment.
DTAs also provide a mechanism to exchange information between tax authorities and help prevent tax avoidance and evasion.
“DTA agreements generally benefit developing countries like Cambodia as these agreements normally result in increased capital flight from developed to developing countries,” he said.
On November 3, the National Assembly ratified an agreement for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income.
The National Assembly also approved DTAs with Singapore, China, Brunei, Thailand, Vietnam and Indonesia and signed one with Hong Kong.