Property tax revenue for this year tops $1M

30 September 2014

With the deadline for property owners to pay their dues passing today, Acleda Bank one of two agencies collecting tax for the government has received over $1 million in property tax payments this financial year.

Executive Vice President of Acleda Bank, told the Post yesterday that her firm reached the $1 million mark at the end of August with payments from about 8,000 people. Phonnary said the bank expected that figure to rise once the September payments had been totaled. At Canadia Bank, the second firm collecting taxes for the department, deputy director said he expected revenues to rise this year as people became more aware of their obligations.

People can pay their tax easier through the banking service and I know that more people know more now about tax payments.

Source:

http://www.phnompenhpost.com/business/property-tax-revenue-year-tops-1m

NA To Amend the Constitution Early Next Month

30 September 2014

Cambodia’s National Assembly will open the third session of the fifth legislature on Oct. 1 to debate the constitution amendment.

According to the announcement, His Majesty the King’s royal message for the NA’s 3rd session, the report on NA’s activities between the 2nd and 3rd NA sessions; the amendment to the Article 76 and all articles from new Chapter 15 to new Chapter 16 of the constitution; the draft law on approval to the Nagoya Protocol on Access to Genetic Resources and the Fair and Equitable Sharing of Benefits Arising from their Utilization to the Convention on Biological Diversity; the amendment to Articles 1, 3, 4, 7-9, 11, 13-15, 17-24, 30, 34, 37-43, 45-46, 49, 55-56 of Law on Factory and Handicrafts Management, taking effect on June 23, 2006; and the draft law on approval to the Agreement on Cultural Cooperation between the Governments of the ASEAN Member States and Government of the Russian Federation, will be on the agenda.

Source:

http://www.akp.gov.kh/?p=51536

Cambodia Needs More Investments and Global Integration – Moody's

30 September 2014

Cambodia needs increased investments, and for that, deeper regional as well as global integration is crucial.

Greater regional integration, along with continued close ties with China, would support the goals of Cambodia's development plan for raising investment beyond 25% of GDP and sustaining 7% annual GDP growth. Cambodia's real GDP growth has likely slowed slightly in 2014, owing to political uncertainty and labour unrest, after expanding 7.4% in 2013, powered by tourism revenues, garment exports and construction. With a nominal GDP of $15.2bn, the size of Cambodia's economy offers little shock absorption capacity.

More prudent fiscal management and continued strong growth in foreign direct investment (FDI) and steps to address institutional and political weaknesses will help upward revisions in Cambodia's credit rating.

Source:

http://www.ibtimes.co.uk/cambodia-needs-more-investments-global-integration-moodys-1467675

Start up airlines eye China

29 September 2014

A new airline, Apsara International Air, gained approval from Cambodia’s State Secretariat of Civil Aviation to fly domestic routes.

The local news channels reported that SSCA granted an Airline Operations Certificate (AOC) to Apsara International Air, 15 September. The airline partly owned by Chinese and Cambodian investors received the green light after a filing its original application over a year ago.

Bassaka Air, is a partnership with a travel agency, China International Travel Services and local investors. It aims to fly from Phnom Penh to China using Airbus A320s this December.

Source:

http://www.ttrweekly.com/site/2014/09/start-up-airlines-eye-china/

Cambodia's garment, footwear exports up 12.6% in 7 months

29 September 2014

Garment and footwear industry, Cambodia's largest income earner, reported a 12.6% rise in exports in the first seven months of 2014.

The country exported apparel and footwear products worth 3.47 billion U.S. dollars during the January-July period this year, up 12.6% from 3.08 billion U.S. dollars over the same period last year. The sector comprises 960 factories with some 620,000 workers, according to the Ministry of Labor. It earned 5.5 billion U.S. dollars from exports last year, accounting for about 80% of the country's total exports.

Labor Minister said factory employers could not afford to raise the minimum wage for the workers to the highest point in one time, and urged unionists to avoid any demand that was unacceptable.

Source:

http://thecambodiaherald.com/cambodia/detail/1?page=13&token=YzNlNWExMzcyOTh