close
Share with your friends

Cambodia: Tax relief for garment, tourism sectors

Cambodia: Tax relief for garment, tourism sectors

The Ministry of Economy and Finance on 25 February 2020 issued guidance directing the tax department to implement measures to support the garment and tourism sectors—in particular, in light of the effects of the coronavirus (COVID-19) outbreak.

1000

Related content

For the garment sector, a “tax holiday” for a period ranging from six months to one year is being provided, in part to address certain factors include a lack of production raw materials.

Regarding the tourism sector, tax relief is being made available to taxpayers conducting hotel businesses in the Siem Reap province (Angkor Wat) in the form of an exemption from all monthly taxes for the period February to May 2020 as well as an exemption from “comprehensive tax audits” for the 2020 tax year. Taxpayers must still comply with their monthly tax return declaration obligations and use the online value added tax (VAT) management system as well as declare and pay their annual 2019 tax on income.

Finally, an exemption from stamp duty is being made available with regard to certain transfers of immovable residential property having a value of U.S. $70,000 or less.

Read a March 2020 report [PDF 127 KB] prepared by the KPMG member firm in Cambodia 

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal