Deadly Collision Claims 67 Lives in U.S. Air Disaster | At Least 30 Dead and Many Injured in Stampede at Maha Kumbh Mela in India | Cambodia's Future Leaders Celebrated as Prime Minister Hun Manet Speaks at Asia-Europe University Graduation | The National Bank of Cambodia and Central Bank of Madagascar seal a partnership to enhance bilateral economic cooperation. | Minister of Health Delivers Lecture on Leadership and Innovation on "Methods of Critical Thinking – Part 2" | BREAKING: Takeo Provincial Court President Dismissed for Premature Release of Murder Convict | BREAKING: Samdech Hun Sen Announces Absence from Senate Plenary Session After Positive COVID-19 Test |
Deadly Collision Claims 67 Lives in U.S. Air Disaster | At Least 30 Dead and Many Injured in Stampede at Maha Kumbh Mela in India | Cambodia's Future Leaders Celebrated as Prime Minister Hun Manet Speaks at Asia-Europe University Graduation | The National Bank of Cambodia and Central Bank of Madagascar seal a partnership to enhance bilateral economic cooperation. | Minister of Health Delivers Lecture on Leadership and Innovation on "Methods of Critical Thinking – Part 2" | BREAKING: Takeo Provincial Court President Dismissed for Premature Release of Murder Convict | BREAKING: Samdech Hun Sen Announces Absence from Senate Plenary Session After Positive COVID-19 Test |

Royal Government Reduces Preferential Tax on Agricultural Costs to Boost Farmers' Incomes

  • Posted Jul 1, 2024 13:20 by EAC News
  • 2298
  Aa |   aA

Kampong Cham: Prime Minister Hun Manet announced the Royal Government's commitment to reducing preferential taxes on agricultural costs to ensure income stability for farmers. This initiative was highlighted during the National Fish Day celebration on July 1, 2024, at Boeung Thom, Kampong Samnang Village, Mean Commune, Prey Chhor District, Kampong Cham Province.

Prime Minister Hun Manet emphasized that agriculture remains a crucial priority sector for Cambodia, actively contributing to food security, improving living standards, reducing poverty, and sustaining economic growth. To enhance the agricultural sector, the Royal Government has relaxed import duties on agricultural equipment, thereby reducing production costs for farmers.

The Prime Minister outlined the government's strategy to promote agricultural products in both domestic and international markets, ensuring stable incomes for farmers. He stressed the importance of diversifying agricultural production to meet market demands and reduce dependency on single crops.

To further support the agricultural sector, the Royal Government has exempted additional taxes on various domestic and export products, including rice, corn, beans, pepper, cashew nuts, cassava, and rubber. This tax relief is aimed at encouraging enterprises involved in agricultural production and supporting farmers' livelihoods.

In 2023, the government extended tax exemptions to include products such as Pailin longan, mango, hydropower, palm oil production, and animal husbandry for an additional two years. This measure is intended to incentivize business owners to expand their production for both domestic consumption and export, enhancing their competitiveness in international markets.

Prime Minister Hun Manet reiterated the government's longstanding commitment to the agricultural sector, which has been a priority since the liberation on January 7, 1979. He highlighted the sector's significant contribution to Cambodia's socio-economic development, accounting for approximately 22% of the country's GDP in 2023.

The Royal Government, led by the Cambodian People's Party, has consistently prioritized policies to support and strengthen the agricultural sector. These efforts are designed to ensure food security and improve the livelihoods of the Cambodian people.

Prime Minister Hun Manet identified two main goals for agricultural development: focusing on food security and promoting agricultural trade. He emphasized the need to balance farmers' incomes with consumer affordability, ensuring that agricultural product prices do not adversely impact buyers.

As the head of the government in the seventh mandate, Prime Minister Hun Manet reaffirmed his commitment to continuing the policies set by the previous government, aiming to support farmers and attract investments in agriculture across the country.

Related News