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Closed garment factories have to pay tax or declare bankruptcy
16
Sep '11
The 22 garment factories in Cambodia, which are currently non-operative, have been asked by the Government to officially declare themselves as bankrupt or they would be compelled to continue bearing the burden of corporate tax payment.

Following the global financial crunch, the 22 factories – most of which are owned by Chinese firms, ceased operations during 2008 to 2010.

The taxation law of the Kingdom necessitates the closed down firms to declare their insolvency with the Council for the Development of Cambodia (CDC) within 30 working days of closure of their operations.

In order to support bankruptcy filings of the closed factories, the Government has constituted an inter-ministerial group under the CDC.

The CDC has published a list of all the 22 closed firms in a local newspaper. Although no fines would be levied on these firms, they would be required to pay tax till their bankruptcy filing process gets completed.

Prior to public announcement of the names of the factories, the CDC had notified regarding the same to the US, Korean, Chinese and Malaysian embassies.

There are currently 290 garment factories in Cambodia, 10 percent of which entered the market after the global economic slump first hit the markets in 2008.

Fibre2fashion News Desk - India

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