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Government Extends Tax Incentives to Support Education Sector

  • Posted Nov 4, 2024 15:15 by EAC News
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Phnom Penh, Cambodia – On November 3, 2024, the Cambodian government, led by Prime Minister Mr. Hun Manet, announced the continuation of tax incentives for the education sector, aimed at alleviating financial burdens on universities, schools, parents, guardians, and students. This announcement follows a collaborative agreement between the Association of Higher Education Institutions of Cambodia and the Federation of Education Services of Cambodia to maintain current tuition fees for the academic year 2024-2025.

The decision, which comes after the approval from the 141-member Association of Cambodian Higher Education Institutions and the 120-member Education Services Federation, underscores the government's commitment to enhancing the educational landscape in Cambodia. Prime Minister Hun Manet described the provision of tax incentives as a pivotal policy aimed at improving educational quality and developing human capital—elements that he identified as critical to the nation’s future.

The renewed tax incentives include relief measures on income tax, minimum tax, value-added tax (VAT), and withholding tax on interest and dividends, which are set to remain in effect from 2024 until the end of 2028. Prime Minister Hun Manet emphasized that these measures are designed to ease the financial pressures on families, enabling them to manage tuition costs more effectively.

In addition to maintaining stable tuition fees for the upcoming school year, both the Association of Cambodian Higher Education Institutions and the Federation of Educational Services of Cambodia are exploring options to potentially lower tuition fees for students further. This proactive approach reflects a shared commitment to making education more accessible and affordable across the country.

It is important to note that while the government is extending these tax incentives, educational institutions are still required to fulfill their obligations concerning tax declarations. This includes the payment of withholding tax on various liabilities, such as rent, location tax, payroll tax, real estate tax, patent tax, and other applicable taxes in accordance with legal standards.

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