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On 19 January 2021, the General Department of Taxation (“GDT”) issued Notification no. 1005 GDT to determine the market interest rate for loans in 2020 for the purpose of implementing obligations to withhold tax on fringe benefits on loans to employees. Under this notification, the following market interest rate for loans in 2020 were determined based on the average annual interest rate of 8 (eight) big local commercial banks:

On 12 January 2021, the Ministry of Economy and Finance (“MEF”) issued Prakas no. 009 MEF.Pr.K, on the classification of taxpayers under self-assessment regime. This prakas (directive) aims to replace Prakas no. 025 on the amendment of classifications of taxpayers under the self-assessment regime dated 24 January 2018. Below is a summary of Prakas no. 009 MEF.Pr.K:

On the implementation of the instruction of the Royal Government of Cambodia (round 7) on additional measures in order to continue managing impacts on key sectors of the economy in the context of the operation to restore and stimulate Cambodia’s economic growth after the crisis of covid-19 and the provision of unified services to taxpayers.

Tax alert No.26892 GDT

The member firms within Grant Thornton International Ltd (GTIL) have extensive expertise in the application of IFRS. GTIL, through its IFRS team, develops guidance that supports its member firms’ commitment to high quality, consistent application of IFRS and is pleased to share these insights by publishing ‘Example Interim Consolidated Financial Statements 2020'.

The retail industry is currently in a period of disruption unique in its scale and severity. The global outbreak of COVID-19 has impacted parts of the industry in different ways. While businesses in the grocery sector grapple with supply chain issues, those selling consumer goods and apparel have been challenged by store closures and rapid growth of online sales.

Professional services firms will have no doubt conducted numerous surveys among employees in recent months to gauge wants and expectations post-COVID. For most, the message has been resounding…

Tax on capital gain

Preparers of financial statements are now having to think about how, where and what form they should report COVID-19 in their financial statements. We believe it is important to not only comply with the guidance set out in IFRS, but also ensure the financial statements are an effective part of the wider communication with stakeholders.

Drawing on the TP issues raised by our clients from around the world, our TP experts highlight the dilemmas your business could face in determining arm’s length transfer prices, the ramifications and potential risks. We conclude by setting out six practical ways to navigate through the TP minefield.

Prakas on the obligation of having financial statement independently audited

Professional services as an industry needs to turn the Software-as-a-Service (SaaS) model on its head in order to overcome the current COVID-driven climate, and to finally veer away from the rigid hourly model that has engulfed the sector for so long.

Tax alert No.002 MEF.GDT

Put cash management and forecasting at the centre of your resilience plan, optimising your agility and helping you react to rapid change.

The business and operations of many entities have already been seriously affected by the rapid global spread of COVID-19 and related government actions. Unfortunately, many businesses will continue to be affected for some time. This has consequences for their value and the value of many of their commercial assets.

Prakas No. 001 and Prakas No. 103