Cambodia and Singapore recently signed the ‘Second Protocol’ in Phnom Penh that amends the existing double tax avoidance (DTA) and the prevention of fiscal evasion treaty.

The protocol was formalised by Cambodian finance minister Aun Pornmoniroth and Singaporean ambassador to Cambodia Teo Lay Cheng.

The aim is to align the DTA with global standards.

The amendment is part of the process under the inclusive framework of the Organisation for Economic Cooperation and Development aimed at tackling Base Erosion and Profit Shifting—strategies that exploit loopholes in the tax code, according to Cambodian media reports

Bilateral trade has witnessed a significant uptick in the first nine months this year, with the total value amounting to $723.54 million—a 12.5 per cent rise year on year (YoY). This makes Singapore Cambodia’s eighth-largest trading partner.

However, the growth was largely driven by an increase in imports from Singapore, which rose by 14.7 per cent to $690.04 million. Meanwhile, Cambodia’s exports to Singapore faced a downturn, decreasing by 19 per cent to $33.5 million.

Cambodia’s trade deficit has widened, standing now at $656.54 million for the first three quarters of the year, rising from $560.36 million during the same period last year.

Fibre2Fashion News Desk (DS)

Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.