Blogs (14)

The Securities and Exchange Committee of Cambodia (“SECC”) has issued a Prakas on Licensing and Managing of Collective Investment Scheme Activities dated May 29, 2018 (“Prakas”). This Prakas is made to govern the business objective concerning the Collective Investment Scheme and its stakeholder for being effective, transparent and efficiency. It also stated the condition and procedure to provide license/approval, and the renewal of such lincese/approval and determind the certian oblication after recieving the license/approval. In according to this Prakas, they provide license to several type of establishments to conducts business activities which in line of Collective Investment Scheme. They are Fund Management Company, Fund Management Representative, Crowdfunding Representative, Distribution Company, and Funding Selling Representative… etc. Each establishment has two years license and three years-renewal. Abovementioned establishments is under the supervision of the Securities and Exchange Committee of Cambodia.

Source: Prakas on Licensing and Managing of Collective Investment Scheme Activities, dated June 29, 2018

According to the announcement issued by the General Department of Taxation on 9 March 2018, it found that there is a number of enterprises that have not yet paid tax debt. Thus, it invites those who owes tax debt come to pay it at the GDT accordingly. In case that they fail to pay it, the GDT will post name of the enterprises and owners in media soon. Also, the GDT will pursue stringent measures in accordance with tax law by ceasing import-export, freezing taxpayer’s bank account, seizing taxpayer’s property, ordering to bring taxpayer to pay tax, transferring enterprise’s ownership over immovable property and nullifying any permits and licensing.

Source: the General Department of Taxation’s Announcement no. 3350 dated 9^th March 2018.

According to the annual general assembly of Cambodia Microfinance Association’s decision, the Association agreed to reduce time it takes for collateral to be returned from 10-15 days to three working days after they have fulfilled their obligation. It is noted that in 2017 the MFI sector’s portfolio is recorded $4 billion, which is equal to 25.5 percent increase.  The high proportion of the loans were taken by agricultural sector.

Source: Khmer Times, 23^th February 2018

The system to authenticate electronic documents, which was approved by the sub-decree last year, will take at least another year before it is fully implemented. According to Mr. Ou Phannarith, the director of the department of ICT security at the Ministry of Post and Telecommunication, since there is no digital signature system in Cambodia, the origin of the documents are difficult to verify. He added that once the digital signature system is fully implemented, there is no need for in-person signature to verify the identity of the registrant in online platform such as taxation and business registration.

Source: The Phnom Penh Post, 31 January 2018