Foreign
CAMBODIA’S National Assembly has ratified an agreement between it and China’s Macao Special Administrative Region (SAR) government for avoiding double taxation and preventing fiscal evasion concerning the taxes on income.
The pact was gich was ratified on Thursday, was signed between the Southeast Asian country and the Macao SAR government in 2019.
Cambodian Minister of Economy and Finance Aun Pornmoniroth said the kingdom had also signed similar agreements with China, China’s Hong Kong Special Administrative Region (HKSAR), Singapore, Brunei, Thailand, Vietnam, and Indonesia, Malaysia, South Korea and Turkey.
“The agreement will attract and facilitate international investment and trade as well as prevent fiscal evasion with respect to taxes on income,’’ he told the parliament.
Chheang Vun, chairman of the parliament’s committee on economy, finance, banking and audit, said the deal was vital to promoting bilateral investment and trade, capital flow, and sharing of technology and expertise.
“This is a legal instrument that will help attract foreign direct investment to Cambodia through tax incentives,’’ he said.
After a review by the senate, the pact would be submitted to Cambodian King Norodom Sihamoni for endorsement. (Xinhua/NAN)
KN
Tags: HKSAR Macao Special Administrative Region Norodom Sihamoni
