Tax revenue increased to $3.6 billion, up 4.49%

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Quiet trading session on January 25, 2024 On January 25, 2024, the CSX index concluded at 467.7 points, indicating no change from the previous day's closing figure. The main board witnessed notable movements, with PPSP registering a significant gain of 0.47% and ABC showing a positive movement of 0.36%. Conversely, PEPC experienced a decline of 0.70%. Stable prices were maintained by PWSA, PPAP, PAS, ABC, MJQE, and CGSM. On the growth board, DBDE exhibited a gain of 0.95%, while JSL saw a decline of 0.51%. The day's trading activity involved 23,836 shares, with a cumulative trading value reaching KHR 198 million. (Source: YSC Research)

Economy and Industry

Tax revenue increased to $3.6 billion, up 4.49% Cambodia's General Department of Taxation (GDT) has demonstrated a robust fiscal performance, registering a notable 4.49% YoY increase in tax collection, reaching $3.6 billion in 2023. This achievement surpassed the targeted goal by an impressive 101.13%. The commendable results were unveiled during a comprehensive review meeting, where the accomplishments of the preceding year were assessed, and strategic objectives for 2024 were outlined. The government's strategic allocation of the increased revenue is earmarked for vital infrastructure development, particularly in the enhancement of road networks. The infusion of funds into these projects is poised to have a lasting impact on the country's overall economic landscape. Noteworthy initiatives undertaken by the GDT in 2023 encompassed a forward-looking digital transformation effort, aimed at aligning local tax administration with global standards and processes. Furthermore, discussions centered around the implementation of Double Tax Agreements with nine countries and territories, reflecting Cambodia's commitment to fostering international economic cooperation. (Source: Khmer Times)

In Q3 of last year, the government's debt reached $10.7 billion The Royal Government of Cambodia (RGC) holds a total public debt stock of $10.72 billion as of Q3 2023, comprising 99.5% in public external debt and the remaining in public domestic debt. The loans are predominantly concessional, with an average grant element of 43%. Despite the challenges posed by the Covid-19 pandemic and other external factors, the current state of public debt is considered manageable and stable. The government has been actively implementing strategic measures, including the Public Debt Management Strategy 2019-2023, to reinforce public debt and investment management. The composition of the public debt stock is as follows: 47% in US dollars, 11% in Japanese yen, 11% in Chinese yuan, 7% in euros, and 20% from Special Drawing Rights (SDR). In Q3 2023, the government entered into new concessional loans with Development Partners (DPs), totaling $228.07 million. From Q1 to Q3 2023, the government secured loans amounting to $1 billion. (Source: Khmer Times)

The first commercial court in Cambodia to increase transparency for foreign investors Cambodia's inaugural commercial court is poised to provide a significant advantage to foreign investors in the private sector by addressing trade and investment-related disputes within Cambodia. Should the court successfully meet its objectives of transparency and efficiency, it is anticipated to lead to an increase in the adjudication of cases involving foreign investors within Cambodia rather than opting for resolution abroad. Jay Cohen, a partner at Tilleke & Gibbin's Phnom Penh office, noted that incorporating offshore arbitration clauses into agreements based in Cambodia, often pursued due to uncertainties in the local system, may become less financially viable. In a notable development, the Ministry of Justice inked a memorandum of understanding (MoU) with the Asian Development Bank (ADB) in February 2023 to establish a commercial court dedicated to handling all trade-related disputes in Cambodia. The court is set to operate in Phnom Penh, functioning independently of criminal courts. Once operational, it is expected to instill greater confidence in the transparency and predictability of the Cambodian court system, thereby reducing the time required for dispute resolution. This move is likely to encourage more foreign investors to seek resolution domestically, positively impacting Cambodia's legal landscape. (Source: Khmer Times)

Corporate News

The cold storage facility of PPAP to improve port and logistics services A cross-docking and cold storage facility has been inaugurated at the Phnom Penh Autonomous Port in Kandal province, aimed at enhancing cold storage standards and amplifying container throughput. Operated by Khmer Cold Chain, the facility boasts a storage capacity of 5,827 cubic meters, offering a temperature range from -22 to 15 degree celsius. This initiative aligns with the Ministry of Public Works and Transport's strategic plan to fortify the logistics and port sector in Cambodia. The overarching goal is to enhance competitiveness in logistics pricing while expanding service offerings. The facility, in conjunction with the LM17 container terminal, enables the port to augment its container volume and provide cold storage services in accordance with international standards. The successful establishment and operation of this facility resonate with the government's broader vision for the development of logistics and ports in Cambodia. It represents a significant step toward achieving the country's goals in these sectors and contributes to the overall economic growth and efficiency of the transportation and storage infrastructure. (Source: Khmer Times)

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