Understanding Cambodian Taxation to Benefit Individual Firm and Government

Taxpayer shall do its self-assessment of income and other necessary entries in a modern tax system of Cambodia today. It means that taxpayers under the real tax regime shall declare tax payment to pay taxes themselves at the General Tax Department of Ministry of Economy and Finance (MEF). This will maintain a fair and equitable tax administration among taxpayers.

Today, Cambodia’s economy is growing after the world economic crisis and business activities become more active and tax compliance become more important for the tax authorities to increase its tax revenue. Private companies under real tax regime shall declare tax by themselves while companies provided tax services also increasingly enter into the taxation service industry. As example, Singly Enterprise has also entered into the market by providing tax services such as (1) providing tax training, (2) advising on Cambodian taxation law, (3) declaration of tax returns, monthly and yearly with tax authorities, (4) tax planning so as to make sure that your company transactions is structured in an efficient manner and (5) providing support and communicate with tax authorities.

It is important that companies shall be well-aware of taxation through improving their own capacity and staff know-how in the taxation issues. As for example, if people who get taxation training from Singly Enterprise, they will be able to (1) understand of theory, principles and laws of taxation, and (2) know how prepare tax returns monthly and annually, and (3) practice the tax preparation with Singly Enterprise.

Companies and enterprises in Cambodia should have a good system to follow taxation laws and regulations and strengthen their capacity in addressing taxation issues. This will help promote taxation culture and benefit for the individual company and enterprise and the government of Cambodia.

Written by Singly Enterprise; www.singlyenterprise.com