Businesses can benefit from Cambodian law

Businesses can benefit from Cambodian law

Cambodia entrepreneurs faced considerable problems when it came to obeying tax laws and other regulations, officials at a seminar about that very subject said yesterday.

The VDB Loi company organised the seminar on “New Practices and Preferential Trade Rules” with the co-operation of the General Department of Customs and Excise of Cambodiato raise awareness of new tax rules among businesspeople in Cambodia.

VDB Loi director Sim Laysym said the company, which was established in March this year and has six countries’ networking in Southeast Asia, would provide legal consulting services on customs and excise laws, commercial laws and how to do business in Cambodia.

He said that even though the Cambodian customs and excise law was adopted in 2007, there were few businesspeople who knew clearly about it – and even those who did, didn’t know how to benefit from the law.

“We want to tell exporters and importers what the laws say,” Laysym said, adding: “If they know more, they can prepare themselves ahead of the ASEAN economic community as well.”

Seminar participants from the private sector included those concerned with importing and exporting activities, members of the garment sector and customs brokers.

“We tell them about the regulations on importing and exporting goods, which are easy and encourage them to comply with the laws to reduce waiting times and other unofficial fees stemming from their business activities,” Laysym said.

Understanding of the tax laws was still limited among Cambodian businesspeople because of little exposure in the media and by other means, he added.

phnom penh post