THE General Department of Taxation has notified all financial institutions to send to it information on accounts of US nationals in Cambodia for 2018 by June 28, so that it can be sent to the US’ domestic revenue authority.
The notification which was sent on Tuesday said according to an agreement between the Cambodian government and the US for improvement of international tax compliance and enforcement of US law on tax compliance for overseas accounts, all insurance enterprises and financial institutions in Cambodia that are under a reporting obligation must send the information.
The General Department of Taxation said in the event of failure to meet the deadline, the insurance firm, bank or financial institution assumes full responsibility for any fines imposed in accordance with the agreement.
All insurance firms, banks and financial institutions must send a report with the information on accounts of US nationals, which must be reported in individual staff profiles.
As for reports which have been compiled by banks and financial institutions in the form of a pool report, the General Department of Taxation requests individual staff profiles instead, said the notification.