Home Events The New Regulation for Penalty Free Tax Corrections in Cambodia: Is This a Good Idea for Your Situation?

Events

The New Regulation for Penalty Free Tax Corrections in Cambodia: Is This a Good Idea for Your Situation?

Event Details

Date:
March 7, 2024

Time:
Phnom Penh/Bangkok/Hanoi : 2.00 PM | Singapore/Hongkong : 3.00PM | Tokyo: 4.00PM

Venue:
Online Webinar

Note: All activities, publications, and events mentioned in this post were conducted under the name VDB Loi prior to our transition to Andersen in Cambodia on 18 September 2024.

Introduction

With a brand new regulation, Prakas 071 of 2024, the Cambodian General Department of Taxation (“GDT”) will allow all taxpayers to fix their tax returns for transactions up to end of 2023, and this without interest or penalties. But many questions remain. Who can benefit from this new policy? What happens with past years that are already under audit? How does the correction work in reality? In this uniquely practical webinar, Andersen in Cambodia’s tax experts will examine for you if this opportunity is a good idea for your situation.

A fascinating opportunity to make considerable savings: what are the key things to understand about the GDT’s new policy? And, how will it work in practice?

Highlights

For which years can you make corrections?
What happens for past years already under tax audit?
How do you actually make the corrections practically?
Which interests and penalties will be waived?
How do you decide if this is a good idea for your situation?

Speakers

Edwin Vanderbruggen

Senior Partner

Andersen in Cambodia

Edwin has over 30 years of experience as a legal and tax professional, academic, author, and government advisor. He has worked in Southeast Asia for nearly his entire career.

Edwin has built up vast experience advising sponsors, financial institutions, oil and gas supermajors, independent power producers, and other multinational enterprises on their projects in the region, including on multibillion dollar energy and infrastructure projects, mergers and acquisitions, and financing transactions.

He is renowned for his expertise in international taxation and investment, regional tax structuring, and tax planning.

He has assisted the governments of Cambodia (2006-2008 as a full-time adviser to the Minister of Finance), Thailand (2001-2005), Vietnam (2010), and Myanmar (2013-2020) on transactions or on issues such as legal reform, public finance, privatization, and taxation. He has also frequently consulted for IFC, ADB, the United Nations, and governmental agencies of Japan, Korea, and the Netherlands.

In his academic career, he has lectured at six prestigious universities in Europe and Asia, and written nine textbooks and over 40 scholarly articles, some of which have won scientific awards.

Laysym Sim

Partner

Andersen in Cambodia

Laysym is an experienced tax professional with a degree in management. He has over 20 years of work experience, including with KPMG in Cambodia, where he was responsible for relations with the tax authorities. Laysym works with a wide variety of clients, both local and international, across a broad range of industry sectors, with a particular focus on the real estate and transportation industries. He has advised on tax planning for large property projects, employee benefits, and has conducted tax due diligence on several major acquisitions in Cambodia.

Laysym heads the firm’s tax compliance and tax disputes teams. He has a long and proven track record of successful defense of multinationals, banks, and property developers. He also leads our transfer pricing practice in Cambodia.