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Cambodian parliament ratifies double taxation avoidance pact with China’s Macao

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 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 NewsSourceCredit NAN
Cambodian parliament ratifies double taxation avoidance pact with China’s Macao

1 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.

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2 The pact was gich was ratified on Thursday, was  signed  between the Southeast Asian country and the Macao SAR government in 2019.

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3 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.

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4 “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.

5 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.

6 “This is a legal instrument that will help attract foreign direct investment to Cambodia through tax incentives,’’ he said.

7 After a review by the senate, the pact would be submitted to Cambodian King Norodom Sihamoni for endorsement.

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9 NewsSourceCredit: NAN

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