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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:

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.

IFRS Alerts The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS), Interpretations of Standards (IFRIC) or amendments to existing IFRS Standards. In response to these, the global IFRS team publishes IFRS Alerts on these changes (and other issues relevant to IFRS) as they are announced so that you can keep up to date.

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

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.

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.

IFRS 17 heralds a new era of accounting for insurance contracts because it sets out principles-based requirements that aim to improve the comparability of the measurement and presentation of insurance contracts across entities reporting in jurisdictions applying International Financial Reporting Standards (IFRS).

Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB) with the potential to significantly impact the presentation of a complete set of financial statements.