Cambodia issued its latest economic relief measures, comprising of financial aid for suspended workers and the suspension of tax obligations.
Businesses in Cambodia have until May 31, 2021 to submit their annual foreign employee quota applications for 2021.
The Cambodian tax authorities have issued a new taxpayer classification regime that will impact several business sectors.
As of January 1, 2021, Cambodia’s monthly minimum wage rate for regular workers is US$192, an increase from US$190 in 2020.
Cambodia has issued incentives on December 23, 2020, ranging from tax holidays to financial aid for businesses impacted by the pandemic.
Resident taxpayers are subject to tax on their worldwide income while non-resident taxpayers are taxed on their Cambodia-sourced income only.
The National Bank of Cambodia launched its first digital currency, named Bakong, which was co-developed by Japanese fintech firm SORAMITSU.
The RCEP will help boost foreign investment into ASEAN’s lower-wage countries.
China and Cambodia signed a free trade agreement (FTA) between the two countries on October 5, 2020.
Cambodia’s government issued its sixth round of incentives on September 30, 2020, to support the economy and the private sector.