Category: Money

Explore opportunities to boost your income in Cambodia with Angkor Times. From insightful blogs on starting a business, investing, and making money online, to updates on the latest trends in startups and SMEs in Cambodia, this category offers practical tips and strategies to help you succeed in the Cambodian market. Stay informed and take your financial journey to the next level.

Angkor Times Latest Questions

Vanvutha Leang
Vanvutha LeangExperienced
Asked: March 31, 2021In:

Having your own piece of land in Cambodia is an appealing idea. Land in Cambodia is almost always a good investment for the future, whether it is for your own beachside paradise on Cambodia’s coastline or for commercial or residential ...Read more

Having your own piece of land in Cambodia is an appealing idea. Land in Cambodia is almost always a good investment for the future, whether it is for your own beachside paradise on Cambodia’s coastline or for commercial or residential construction interests in Phnom Penh, Siem Reap, or Sihanoukville. There is currently an abundance of land for sale in Cambodia, with “for sale” signs scattered across the countryside and visible from many of the country’s national roads. Land for sale in Phnom Penh, Siem Reap, and throughout the provinces are available. Beach land for sale in Sihanoukville and riverfront land for sale in Kampot are both attractive choices for foreign investment. Farmland for sale in Cambodia is another popular and often affordable investment choice. Unfortunately, foreigners are currently not allowed to legally own land in Cambodia as individuals. However, all is not lost because there are ways to legally acquire ownership under the existing legal system, which we will show you how to do.

Related: How to invest in land for sale and ways to maximize your profit

1. Becoming a Cambodian Citizen and Buying Land in Cambodia

Citizenship is no longer as simple as it once was; you must either pay a hefty fee or make a substantial contribution to the country’s growth. If you are in a position to consider this choice, it provides a high level of protection because once the citizenship process is completed, land can be purchased in your name.

2. Purchasing land in Cambodia through the formation of a Land Holding Company (LHC)

Due to the initial cost of setting up an LHC, this choice is better reserved for what would be considered high-value plots of land. You will also be subject to benefit taxes, and a 51 percent share of the LHC must be held in the name of a local partner, making this choice more appropriate for investors with substantial corporate backing.

Related: Can foreigners buy property in Cambodia?

3. Renting Land in Cambodia

If you want to build a residential or commercial property with a high rental return on investment, long-term renting or leasing land is a great choice. The advantage of this option is that once your project starts to produce enough revenue, it can be used as a stepping stone to establishing an LHC as described above.

How many choices are there for buying land in Cambodia?

How many choices are there for buying land in Cambodia?

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Vanvutha Leang
Vanvutha LeangExperienced
Asked: March 31, 2021In:

The Ministry of Economy and Finance (“MEF”) released Prakas 270 on Tax Audits (“Prakas 270”) on March 13, 2019, in an effort to streamline the tax audit process as part of the government’s large-scale economic reforms, increase transparency in tax ...Read more

The Ministry of Economy and Finance (“MEF”) released Prakas 270 on Tax Audits (“Prakas 270”) on March 13, 2019, in an effort to streamline the tax audit process as part of the government’s large-scale economic reforms, increase transparency in tax payments and collections, and encourage a fair and competitive market climate. The following are some specific tax audit concerns of which readers should be aware.

1. Retention of supporting documents

All registered taxpayers in Cambodia are required by law to keep supporting documentation for their accounting records and tax returns for a period of ten years. Taxpayers that are unable to find required records from previous years may be subject to additional tax penalties and reassessments that are excessive. The GDT would not recognize as legitimate reasons for this failure, such as a lack of trained staff to identify appropriate supporting documents, a lack of a proper filing system for accounting records and supporting documents, or a lack of information transfer between former and current accounting personnel.

Related: What types of tax audits might your business be subject to?

2. The following are the variations between monthly and annual tax returns

Multiple figures input in monthly tax returns with those input in annual TOI returns, such as taxable turnover (B0), wage cost (B20), and so on, are often compared by tax auditors. Taxpayers also neglect to produce or retain records of such reconciliations.

3. Permanent establishment

Most taxpayers, including multinational corporations, fail to understand the complexities of permanent establishment issues and, as a result, fail to seek the appropriate professional advice regarding their commercial arrangements. As a result, an overseas affiliate may be considered to have a business presence in Cambodia, producing Cambodian-sourced profits subject to Cambodian taxation.

Related: The Ultimate Guide to Starting a Business in Cambodia

4. Transfer pricing documentation

Some taxpayers seem to be taking a “wait-and-see” approach to the recently enacted transfer pricing regulations. Taxpayers who engaged in related party transactions but did not prepare the transfer pricing documents needed by Prakas 986 for the 2018 tax year are likely to be targeted for tax audits, as this would suggest a high risk of tax non-compliance.

What should we know about New Tax Audit in Cambodia?

What should we know about New Tax Audit in Cambodia?

Related: What attachments are required to register a property?

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Vanvutha Leang
Vanvutha LeangExperienced
Asked: March 30, 2021In:

In 2020, the number of international foreigners tourists to Cambodia has declined 80 percent 2020 while it reaches only 1.306 million, according to the report from the Ministry of Tourism of Cambodia. In 2020, China, Thailand, and Vietnam were the ...Read more

In 2020, the number of international foreigners tourists to Cambodia has declined 80 percent 2020 while it reaches only 1.306 million, according to the report from the Ministry of Tourism of Cambodia. In 2020, China, Thailand, and Vietnam were the top three sources of international visitors to Cambodia, accounting for 55 percent of total arrivals. Chinese arrivals were down 86 percent, Thai visits were down 55 percent, and Vietnamese arrivals were down 80 percent year over year, according to the ministry. Cambodian outbound travel is expected to drop to 326,199 departures in 2020, according to the report.

With 329,673 visitors, Chinese tourists topped the list of arrivals by nationality. Thailand came in second with 210,876 people, followed by Vietnam with 182,199. The United States came in second with 55,973, followed by Korea (Republic of Korea) with 55,935. With 44,784 visitors, the United Kingdom came in first, followed by France with 43,174 visitors. There were 41,257 Japanese tourists, 34,352 visitors from Laos, and 27,280 visitors from Germany.

Related: Tourism Industry in Cambodia Is Heavily Impacted By Covid19 Virus

With the diversification of new tourism products and the enhancing of the growth of well-known tourism zones, the government has released a special tourist policy aimed at reviving and promoting the inclusive development of the socio-economic situation through the tourism industry.

Special tourist groups include special package tourists, business tourists, second home-tourists, senior foreign visitors (older or retired people with money and resources), and other government-defined types of tourists.

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Vanvutha Leang
Vanvutha LeangExperienced
Asked: March 30, 2021In:

Since the start of 2020, the world has confronted the Covid-19 pandemic, which led to a decline significantly in different sectors all around the world, the same as the Cambodian economy. The covid-19 in Cambodia so far is ...Read more

Since the start of 2020, the world has confronted the Covid-19 pandemic, which led to a decline significantly in different sectors all around the world, the same as the Cambodian economy. The covid-19 in Cambodia so far is reaching 2,273 cases, 11 Deaths, and 1,172 recovered. Compared to these cases to the world, Cambodia is a low rate of cases among other countries. Therefore, the economy in Cambodia is partially affected not completely.The most affected business in Cambodia is a small business, like motor vendors, restaurants, and the big one is a hotel since there are not as many tourists as during the pre-covid-19 pandemic. As we see, there are many restaurants in Phnom Penh that were closed, motor vendors lost customers since only fewer people go out.

Additionally, Siem Reap province, a famous tourist site for people around the world. Most hotels were also closed temporarily due to a down drop in tourists. This issue really affects a lot of people in small business owners and hotel owners.

Apart from this, individual people in Cambodia are also most affected by this pandemic, like employees or workers since some industrials are closed due to limited export to the world. For instance, the garment industrials in Cambodia are struggling to a high level as well as to maintain salary for employees.

Related: How will the real estate sector change in 2021?

However, the government of Cambodia also takes action by asking for house rent owners to reduce the amount of money for rent in order to relax the spending of employees or works who come to work in Phnom Penh.

No matter what the case is, I still believe in faith in people to come all together to destroy this virus. It is very easy to do just practices three rules from WHO: washing hand, keep in distance, and wearing a mask. The only way to recover the economy is to keep doing what is right to stop the spreading of this virus at all costs.

How is Business in Cambodia affect during Covid-19?

How is Business in Cambodia affect during Covid-19?

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Vanvutha Leang
Vanvutha LeangExperienced
Asked: March 25, 2021In:

Cambodia is a country that also focuses on education for the young generation to gain a bright future. However, some parts of the country remain the low quality of English education toward youths. Not so many youths or people in ...Read more

How to work as English Teachers in Cambodia?

How to work as English Teachers in Cambodia?

Cambodia is a country that also focuses on education for the young generation to gain a bright future. However, some parts of the country remain the low quality of English education toward youths. Not so many youths or people in a rural or remote area can speak English. This indicates that Cambodia is in the low profile of English daily usage. According to the recent EF English Proficiency Index (EF EPI) 2020, Cambodia is in the number 84th of out 100 countries in the world that can speak English better.

Speaking of which, this is an opportunity for foreigners who would like to help or involve themselves in the educational section by just teaching English to Cambodians. For foreigners, there are many kinds of available opportunities. They can teach only one or two semesters in some schools during their vocational trip or they can come to live and teach in Cambodia instantly.

Related: Teach English In Cambodia

This chance can be considered to be a great benefit for the countries that English is a native language. Since they do not need to have a great credential to work in the field of English somehow. As we know, English literacy consists of three important sections, including speaking, writing, and listening. So, at least case, foreigners can work as a teacher who teach Cambodian to speak English.

Apart from this, foreigners, have come to Cambodia or other countries, are not only focus on making a living. However, they would like to give with no return. They volunteer to work as a teacher just only to help or gain experience from Cambodia. There were many young foreigners who come to teach in Cambodia for receiving their experiences and along with that is to help Cambodian children, especially.

These are the choices that you, as foreigners, can make in order to live in Cambodia. To conclude, you can work as a teacher in some workplaces in Cambodia, or working as a volunteer just to gain experience or just to help young Cambodians. However, the best choice, I would suggest is that you should be both, but depends on your personal time. Since you have to spend some time with your own life as well. Though, this is a great help for Cambodians and especially for Cambodian youths. Either of your choices is grateful for us, as a Cambodia.

Related: What Is A Good Salary In Cambodia?

 

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English Teachers in Cambodia