Items filtered by date: Monday, 27 November 2017
Monday, 27 November 2017 07:08

GDT now allows you to pay the tax man online

Mr. Kong Vibol, director of the General Department of Taxation (GDT), announced at the tax seminar yesterday that GDT has officially launched e-payment platform that allows individual and corporate taxpayers to pay their obligations online, directly through bank account or at local tax department branch with less procedural steps. He said that the e-payment platform is currently only available for taxpayers that hold account with Vattanac, Acleda and Canadia banks. He added that GDT will launch a separate e-filling system early next year that would allow taxpayers to submit relevant documents online without the need of mailing them to tax authorities or submitting them in person. However, a taxpayer expressed her opinion that “many taxpayers will not be familiar with the technology, and this could prevent them from benefiting from system and it will take time before everything runs smoothly.”

Source: The Phnom Penh Post, 21 November 2017

Published in Blogs

On 15th of November 2017, the Ministry of Economy and Finance (MEF) issued a Prakas to reduce withholding tax on interest from local microfinance institutions (MFIs) from 14 percent to 10 percent. The new Prakas aims at shrinking the expendable interest rates that MFIs take on loans from abroad to ensure the sustainability of microfinance sector. Also, the withholding tax rate reduction applies only on loans acquired abroad. It is known that the remaining 4 percent will be paid by the government.

Experts said that “This Prakas is clearly intended to provide benefits to the people by reducing the cost of microfinance loans and MFIs on which these savings will be passed on to clients to be ensured.” This reflects the fact that the government has understood the MFIs’ Operations burden and the timeline for the reduction which will finish by the end of 2018, another expert said. He added that this period of time will give the MEF enough room to amend the fiscal policy, especially if a new government is formed after next year’s election. 

Source: The Phnom Penh Post, 15 November 2017

Published in News