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As we embark on another year of growth and evolution, we are proud to present our Transparency Report for 2024. This year 2024 marks a significant milestone for Grant Thornton Cambodia as we proudly have more experience working both banking and non-banking sectors in Cambodia. Over the past 13 years, we have built a strong reputation for excellence, integrity, and innovation. These bring us a testament to our ensuring commitment to delivering high-quality services and fostering trust among our clients, regulators and stakeholders. While we honour our past achievements, we remain focused on the further- continuously evolving to meet the changing needs of the business landscape.

“In the corporate world, it is now almost completely inexcusable to have leadership teams [exclusive of women], and if a pitch team [without women] turns up for a presentation, they risk being turned away at the door. Organizations just aren’t comfortable doing business with companies that have a board or management [lacking representation].”

On 25 December 2024, the Accounting and Auditing Regulator (“ACAR”) issued a notification to remind all enterprises regarding the obligation to submit annual financial statements for the year 2024 to ACAR in line with the Law on Accounting and Auditing 2016 and related regulations. The notification contained the following key points:

On 10 October 2024, the Ministry of Economy and Finance (“MEF”) issued Prakas No. 626 MEF.PrK which sets forth the tax incentives for the enterprise in tourism sector such as hotel, guesthouse, restaurant and tour agent registered and has a business activity in Siem Reap province shall be entitled as follows: 1) Exempted from paying all types of monthly taxes except value added tax (VAT) and accommodation tax from July 2024 until the end of June 2025. 2) Exempted from tax on income (TOI) for year 2024. For prepayment of tax on income which was paid already shall be allowed as a tax credit for offset with tax on income for the year 2025. 3) Exempted from tax audit for the period of 2024.

On 10 October 2024, the Ministry of Economy and Finance (“MEF”) issued Prakas No. 626 MEF.PrK which sets forth the tax incentives for the enterprise in tourism sector such as hotel, guesthouse, restaurant and tour agent registered and has a business activity in Siem Reap province shall be entitled as follows: 1) Exempted from paying all types of monthly taxes except value added tax (VAT) and accommodation tax from July 2024 until the end of June 2025. 2) Exempted from tax on income (TOI) for year 2024. For prepayment of tax on income which was paid already shall be allowed as a tax credit for offset with tax on income for the year 2025. 3) Exempted from tax audit for the period of 2024.

As we embark on another year of growth and evolution, we are proud to present our Transparency Report for 2023. Transparency has always been at the heart of our operations at Grant Thornton Cambodia. It is not just a value we uphold but a commitment we live by every day. In today’s rapidly changing business landscape, being transparent to the stakeholders is more crucial than ever as it builds trust between our stakeholders and our firm and supports Client confidence. Hence, this report serves as an important mechanism for us to communicate how we prioritise our audit quality, coupled with strong emphasis on innovation and digitalisation with our stakeholders and regulators

On 09 July 2024, the Accounting and Auditing Regulator (“ACAR”) issued a Notification (Notification number not applicable) regarding the obligation to submit annual audited financial statements for the 2023 financial year which will fall on 20 July 2024, ACAR has decided to provide 30 days delay for the submission of the audited report to support enterprises and non-profit organizations that have not been ready to complete their audited financial statements. The notification contained the following key points:

The Ministry of Labour and Vocational Training (“MOL”) would like to inform all owners or directors of enterprises who employing foreign labor and foreigners who are doing business in the Kingdom of Cambodia that pursuant to the Law of Labor of the Kingdom of Cambodia and Prakas no. 195 dated 20 August 2014 on employment card and foreign work permits, the MOL would like to inform that the application of employment card and foreign work permits for year 2024 shall be implemented as follows:

Instruction on work permits for a foreign employer

No. 5735 GDT

No. 5367 GDT

繊維及びアパレル産業の企業に対する前払事業所得税の一時停止措置の延長

With the deadline of the annual compliance obligations fast approaching, it is now time for all enterprises/companies to pay attention to certain annual compliance requirements for the year 2021/2022.

The General Department of Taxation (“GDT”) has issued Notification no. 7175 GDT dated 16 April 2021 to extend the deadline for the submission of monthly tax return and the payment of any tax due for the month of March 2021.

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: