Phnom Penh (FN), Nov. 13 – Cambodian Prime Minister Hun Manet announced that the Royal Government of Cambodia has decided to waive the tax obligation on five more agricultural products at the request of the private sector.

These newly exempted products include Pailin longan, mango, aquaculture, animal husbandry, and palm oil, in addition to existing exemptions for products such as rice, corn, beans, peppers, cassava, cashews, and rubber.

The premier spoke at the 19th Government-Private Sector Forum (G-PSF), held on Monday (Nov. 13) at the Peace Palace.

Similar proposals were addressed in the forum, including request to extend the validity of the preferential tax, which will expire at the end of 2023, request the same preference for some other agricultural products, and request for additional income tax exemption.

The Royal Government decides to provide at the request of the private sector by setting out the following principles:

1. Extend tax incentives for an additional two years in accordance with Prakas No. 252 dated 11 March 2019 on tax incentives for domestic production, supply or export of rice, corn, beans, peppers, cassava, cashews and rubber.

2. Add five more potential agricultural products: Pailin longan, mango, aquaculture, animal husbandry and local palm oil products.

3. Grant income tax exemptions to enterprises engaged in local cultivation, production, and supply, or export of agricultural products. This exemption is applicable for two years, 2024 and 2025.

It should be informed that Prakas No. 252 dated 11 March 2019 on Tax Incentives for Enterprises to Procure Local or Export Rice, Corn, Beans, Pepper, Cassava, Cashew Nuts and Rubber aimed at promoting and supporting production, domestic supply or export of agricultural products in accordance with the policy of the Royal Government.
=FRESH NEWS