There are countless descendants of dragons who have dreams. They are or will be in Cambodia. They do not pay attention to the relevant laws and regulations of finance and tax. You will be overthrown by sudden attacks, because the speed at which you make money can hardly catch up with a huge legal sanction. This service account insists on originality. The author Zhang Xiaoming, Chairman of Zhuo Zhi Cambodia, three years of multinational enterprise management experience, six years of listing audit experience, five years of entrepreneurial experience, Chinese Certified Public Accountant (CPA), International Certified Public Accountant (ACCA). WeChat: 13928404895, 085502018

One of our clients was fined 492,713,200 US dollars!

Does this matter have anything to do with March?

event:

The client was fined for failing to handle tax matters as required for three years. Let's first look at the composition of the US$492,713,200:

1. Failure to close the accounts in time for three years (income tax remittance payment) fined 5,214.76 U.S. dollars,

2. Failure to replace the tax registration certificate in time for three years will be fined US$6,892.17.

3. Make up the rental tax and a fine of US$37,164.39.

the reason:

1. Cambodian law stipulates that taxpayers must complete the annual income tax return of the previous year (ANNUAL INCOME TAX RETURN FOR THE YEAR ENDED) before the end of March each year. The table contains the basic situation of the company, the basic situation of shareholders, the balance sheet on December 31, the annual income statement, and a specific analysis of related data. The purpose is to fully understand the company's operations and taxation. Due to the large amount of data in the form and strong communication, the requirements for filling in the form are relatively high. It often happens that the report is incorrect, and even some companies do not report it. Therefore, companies are often punished by the tax bureau.

2. Cambodian law stipulates that taxpayers must complete the replacement of their tax permits and pay the annual fee (US$300 for medium-sized companies and US$750 for large companies) before the end of March each year. If it is not replaced in time, the previous year's tax license will become invalid and will face fines.

3. At that time, the client found a local friend to deal with the accounting and tax filing. The friend was not a professional accountant, and the client did not understand Cambodian tax laws, plus language problems. The client handed over the rent tax that should be withheld to the landlord, but failed to pay the rent tax in time. And now it is difficult to ask the landlord to return the payment.

Solution:

Chinese entrepreneurs in Cambodia must learn and understand Cambodia’s relevant laws in time, pay taxes in accordance with the requirements of laws and regulations, ask for a good translator if necessary, and be sure to do a good job of communication.