Govt to address economic challenges, Pornmoniroth says
Govt to address economic challenges, Pornmoniroth says
Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance (MEF), yesterday asked the private sector to engage in discussions on major issues such as addressing current economic challenges, revising export tax on copper tax and reassessing overdue interest rates.
Presiding over the meeting of the working group on law, tax and governance (WG-D) of the Government-Private Sector Forum (G-PSF) in Phnom Penh, Pornmoniroth pointed out four emerging issues to the private sector.
First, the urgent issue for government intervention is aimed at addressing economic challenges in the country.
Second, the export tax on copper makes mining industries unprofitable as the government demands 25 percent of the selling price plus shipping cost.
Third, the overdue interest in revaluation and the last agenda on the approval of minutes of the previous meeting.
Kith Meng, President of the Cambodia Chamber of Commerce (CCC) and Chair of the 16 Private Sector Working Group, and Arnaud Darc, Co-Chair of Working Group D representing the private sector were present on the occasion.
The meeting was opened for both direct and online participation through the Zoom Application which was attended by relevant officials from the Ministry of Economy and Finance, the General Department of Taxation (GDT), the General Department of Customs and Excise (GDCE), the Ministry of Mines and Energy (MME) along with members of various private sector working groups.
Talking to Khmer Times, Lor Vichet, Vice President of Cambodia Chinese Commerce Association (CCCA) said that the meeting addressed urgent economic issues and challenges in Cambodia that require inputs from both the public and private sectors to intervene in their respective sectors if needed.
He said that the export tax on copper was a key topic of discussion, intending to improve profit margins for the Kingdom’s copper mining industry.
The meeting also examined the revaluation of overdue interest rates to ensure they remain manageable, contributing to the private sector’s microeconomic stability, the CCCA Vice-President added.
It may be informed that the 16 working groups are Group A is agriculture and agro-industry, B for tourism, C for manufacturing, SMEs and related services, D focuses on law, tax and governance, E for banks and financial services, F for develops infrastructure and transport, G for export processing and trade facilitation, H for industrial relation, I for promotes paddy and rice, J for mine and energy, K for health, L for education, M for construction and real estate, N for garment processing export, O for non-garment processing export and P for trading of local consumption.
