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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.

On June 17, 2025, the General Department of Taxation (“GDT”) issued Instruction No. 18574 GDT to clarify concerns about the fulfillment of income tax obligations related to share premiums, which are the amounts received in excess of the par value of shares during capital increases.

On 20 May 2025, the Non-Bank Financial Services Authority issued a Prakas to formally launch the digital financial reporting platform and the implementation of Cambodian Reduced Financial Reporting Framework in relation to the use of the digital financial reporting platform. A QR code to get the soft copy of the Cambodian Reduced Financial Reporting Framework is attached to the Prakas

On 22 May 2025, the Accounting and Auditing Regulator (ACAR) issued a Guideline to inform the owners of enterprises and the directors of NGOs about the procedure for the use of the financial reporting platform and the submission of the financial report using the platform.

Between 2023 and 2026, a wide range of new and amended International Financial Reporting Standards (IFRS) are being issued, significantly impacting how businesses measure, recognize, and disclose financial information. The IFRS 2025 publication provides: A comprehensive summary of all new standards and amendments effective from 2023 to 2027 Detailed guidance and economic impact assessment for each change A color-coded effective date system for easy reference and implementation planning

“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

The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB). These changes have the potential to significantly impact the presentation of a complete set of financial statements, and 2024 is no different.

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:

While the modern history of Cambodia remains vivid in the minds of every family, the nation’s rebuilding and cultural rediscovery represent a remarkable success story. Grant Thornton Cambodia has prepared this guide to assist those interested in doing business in Cambodia. This guide does not cover the subject exhaustively; however, it is intended to answer some of the more important broad generic questions that may arise.

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

The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. The member firms of Grant Thornton International Ltd (GTIL) have extensive expertise in the application of IFRS. GTIL, through its IFRS Team, develops general guidance that supports its member firms’ commitment to high quality, consistent application of IFRS and is therefore pleased to share these insights.