PHNOM PENH: The Council for the Development of Cambodia (CDC) collaborated with the European Chamber of Commerce in Cambodia (EuroCham) in a forum to review the “Sub-decree on 2021 Investment Law,” which was issued by Prime Minister Hun Sen on June 26.

The new sub-decree contains seven chapters and 28 articles and provides incentives to investors for a period of three, six, or nine years, depending on the nature of the project.

Speaking at the forum on July 13, CDC Secretary-General, Sok Chenda Sophea, noted, “[The sub-decree] is a warm invitation to the investors to join the government’s efforts to build a prosperous, inclusive and resilient Cambodia. The government also declares its intention to work hand-in-hand with the investors for Cambodia’s growth and prosperity.”

EuroCham also held a forum ‘Unpacking the Law on Taxation’ to help businesses understand the new, tougher taxation laws which increase penalties for those who avoid paying business tax.

Co-Chairman of EuroCham Tax Committee, Antoine Fontaine, elaborated on the details of the new law, which includes General Anti Avoidance Rules (GAAR), which refer to intentional or premeditated tax evasion as a criminal offence which carries a fine of 100 million to 200 million Riels (about $24,000 to $50,000 US), in addition to up to five years in prison. The rules also punish those who aim to obstruct the implementation of tax provisions.