Agricultural Producers Get Tax Incentives
- By Chhum Chantha
- March 28, 2024 4:10 PM
PHNOM PENH – Producers of 14 crop types are to get tax relief in a scheme that will run until next year.
Enterprises that grow, produce, supply locally or export rice, corn, soybeans, peppers, cassava, cashew nuts, rubber, Pailin longans, mangoes, bananas, animal husbandry, aquaculture and oil palm products which are raw materials for animal feed production will be affected, the Economy Ministry says.
Measures include the suspension of the minimum tax payment and income tax payment and exemption from the obligation to withhold taxes on the provision of services by non-self-declared individuals.
Exemption from VAT will apply to enterprises engaged in the cultivation, production, domestic supply or export of these crops.
The government will provide tax incentives for those who meet the requirements, such as applying for a state value-added tax certificate from the General Department of Taxation, linking the list of suppliers of goods or services with the monthly VAT declaration, maintaining accounting records per the laws and regulations in force and submitting monthly and annual tax declarations to the tax administration.
An enterprise that locally supplies palm oil must provide the list of supplied enterprises with the monthly VAT declaration.
The tax relief will be revoked if they do not meet all the criteria.
