Tax Incentives Offered to SMEs in Priority Sectors
AKP Phnom Penh, February 18, 2020 —
Ministry of Economy and Finance has encouraged small and medium enterprises (SMEs) to register themselves for tax to benefit from tax incentives.
The ministry’s announcement dated Feb. 17 stated that the SMES to be given tax incentives are those in the priority sectors such as agricultural and ago-industrial production; food production and processing; manufacturing of products for domestic uses and tourism sector, waste processing; information technology research and development; SME cluster, and so on, it pointed out.
Among the tax incentives, there is income tax exemption from three to five years, it added.
The General Department of Taxation must check and make a decision on the applications for tax incentives, and the SMEs will be informed within 7 to 10 days of working days after their applications were submitted to the GDT, the announcement underlined.
According to Ministry of Industry and Handicraft, there are about 500,000 SMEs in the country, of which 52,154 are registered SMEs, employing 824,245 workers.
By Chea Vannak