Phnom Penh (FN), Oct. 10 – Cambodian prime minister Hun Manet introduced nine favorable principles for small and medium enterprises (SMEs) that volunteer to register their businesses, speaking during the launching of the National Strategy on Informal Economic Development 2023-2028, held on Tuesday (Oct. 10) at Sokha Phnom Penh Hotel.

The nine favorable principles are as follow:

1. Grant a waiver from penalties of all debts in 2023-2028 for past non-compliance

2. Provide tax incentives for micro-enterprises for voluntary registration in 2023-2028, with the exception of tax registration fees and update fees.

3. Provide tax incentives for small enterprises for voluntary registration in 2023-2028 through (1) exemption from penalties and tax liabilities for non-compliance before registration; (2) Exemption of tax registration fee and update fee at the time of registration; (3) Debt and tax exemption from income tax and minimum tax for two years after registration.

4. Provide tax incentives for small and medium enterprises for voluntary registration in 2024-2025 through (1) exemption from penalties and tax debts for non-compliance before registration; (2) Income tax exemption, minimum tax for two years after registration.

5. Provide tax incentives for small and medium enterprises for voluntary registration in 2024-2025 by exemption of patent tax for two years after receiving the registration decision.

6. Reduce the service fee for issuing the announcement of the opening of the enterprise and the registration of the enterprise ledger and the payroll for the enterprise with less than 8 workers

7. Strengthen the mechanism for self-inspection and strengthen the implementation of the inter-ministerial inspection team mechanism at the national level to ensure joint inspections at the same time annually.

8. Organize inspections and collaboration at the same time annually at the sub-national level for all enterprises that have or have not registered or applied for licenses or permits.

9. Establish legal standards, and mechanisms for the legal activities of micro and small enterprises, coupled with other benefits such as the exemption of administrative fees for five years.

Samdech Thipadei Hun Manet highly encouraged SMEs to register their businesses on a voluntary basis.
=FRESH NEWS