Promoting tax laws to companies exporting footwear and travel goods

The Directorate General of Taxation under the Ministry of Economy and Finance has publicized the tax laws to footwear and travel goods export companies, asking them to comply with the laws and regulations.

OI WEB Banner Khmer Times

Speaking at the seminar on Tuesday, GDT Deputy Commissioner Bun Neary said the aim of the seminar was to educate taxpayers about the tax law so they understand their obligations and comply with the tax law.

“The Directorate General of Taxation calls on and encourages all taxpayers to join the government, abide by tax laws, and pay taxes in accordance with the law,” Nari said.

About 100 members of Cambodia Footwear Association and Cambodia Travel Goods and Leather Association participated in the seminar.

Ly Khun Thai, president of the Cambodian Footwear Association, said the seminar is important, especially for members, because most investors are foreigners and they need a very clear and detailed understanding of the enforcement situation in Cambodia.

“If they don’t know when to file their tax returns, it can lead to false filings and even penalties,” he said.

Compared with the same period in 2022, Cambodia’s exports of clothing, footwear and tourism (GFT) goods fell by 22.62 percent in the first three months of this year.

The GDT, the government agency responsible for collecting domestic taxes such as income tax, salaries tax, value-added tax and property tax, collected more than $1.8 billion in tax revenue in the first five months of this year, about 51 percent of its annual target.

According to trade data released by the General Administration of Customs (GDCE), Cambodia exported US$2.36 billion worth of GFT goods in the first quarter of this fiscal year, a sharp drop from US$3.05 billion exported in the same period last year.

Orders for GFT merchandise won’t recover until after mid-2023, as retailers in Europe and the U.S. have extra inventory of unsold goods from previous seasons, according to industry experts. The war in Ukraine and inflation also did not help revive global demand for GFT.

related articles

  • February 16, 2023

  • August 16, 2022

  • July 7, 2023

  • August 12, 2022

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button