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CAMBODIA: 1% Minimum Tax Cancelled for All Businesses

All the country’s businesses are now exempt from the annual Minimum Tax (MT). Under the terms of country’s self-assessed taxation regime, the MT was previously payable at a rate of 1% of a company’s annual turnover (including all taxes except VAT). Only those companies (including Qualified Investment Projects) that failed to maintain proper accounting records, however, were actually obliged to pay, with such businesses deemed to be liable regardless of whether or not they were trading profitably. Affected businesses, however, were entitled to offset the MT against their annual Corporate Income Tax liability (20% of taxable profit). This new general exemption comes as part of a government bid to attract more foreign direct investment.

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