GDT anticipates more than $4 billion in tax revenue in 2024

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Stock Market

CSX index records 1.12% surge with positive main board movements As of December 15, 2023, the CSX index concluded at 461.9 points, reflecting a 1.12% increase compared to the previous day. Positive movements were noted on the main board, where CGSM (+2.39%), PEPC (+1.98%), PPSP (+1.82%), GTI (+0.70%), PPAP (+0.58%), MJQE (+0.48%), and ABC (+0.21%) all demonstrated gains. PWSA (-0.27%) was the sole decliner on the main board, while PAS maintained consistent performance. On the growth board, DBDE experienced no change, whereas JSL saw a decrease of 4.92%. The overall trading activity involved 94,824 shares, with a total trading value reaching KHR 506 million. (Source: YSC Research)

Economy and Industry

GDT anticipates more than $4 billion in tax revenue in 2024 The General Department of Taxation (GDT) in Cambodia has set a target of $4.162 billion for 2024, representing a 20% increase from the current year. Despite economic uncertainties, the GDT achieved 93.71 percent of the set target during the January-November period. Playing a pivotal role in tax collection for social equity, the GDT benefits from the strengthened Taxation Law, focusing on maximizing revenue, avoiding new taxes or rate increases, and ensuring equity. Future initiatives include improving governance, administration, expanding the tax base, and formalizing informal sectors through a registration mechanism. The GDT aims for a fully interconnected taxpayer and tax administration system in its third phase of transformation. Devin Barta, President of the American Chamber of Commerce (AmCham), stressed the importance of businesses collaborating with the GDT to understand the new Taxation Law and address uncertainties in the taxation systems. (Source: Khmer Times)

Assistance from ARDB loans in stabilizing rice prices The Agriculture and Rural Development Bank (ARDB) in Cambodia has provided loans totaling $90 million to rice millers with the aim of stabilizing market prices, upgrading processing facilities, and boosting exports. Since 1998, the bank has been offering financial support to expand agricultural infrastructure, such as warehouses, dryers, and rice mills, through the Agricultural Support and Development Fund. In collaboration with international development partners, the bank has also funded various agricultural projects, amounting to approximately $67.5 million. Originally established as a commercial bank to meet government requirements, the ARDB has transformed into a specialized bank dedicated to the agricultural and related sectors. In the first nine months of 2023, Cambodia exported 456,581 tonnes of milled rice, generating $327 million in revenue and reaching 57 countries and regions, with China leading as the main buyer. The Cambodia Rice Federation (CRF) has set a full-year export target of 700,000 tonnes of milled rice for 2023. (Source: Khmer Times)

India exports soar, and overall trade volume tops $440 million in 2023 Exports from Cambodia to India surged by more than 55% in the initial 11 months of 2023, resulting in a total trade volume exceeding $443 million. The notable increase is attributed to a 55.1% upswing in exports during January to November 2023, while imports from India experienced a decline of 21.8%. The aggregate trade value between the two nations reached $443.23 million, marking an 11.1% uptick from the $399.01 million recorded in 2022. The enduring relationship between Cambodia and India, spanning over 2,000 years, underscores the significance of strengthening diplomatic and trade connections, as emphasized by Cambodia's vice-president, Lim Heng. This uptrend in export value aligns with Cambodia's heightened production capacity and the growing demand within the Indian market. Additionally, the Cambodian Chamber of Commerce reported a substantial 146.7% surge in tourism from India during the initial 10 months of 2023. (Source: The Phnom Penh Post)

Corporate News

Thalias Group's CEO is honored with the 2023 ASEAN Outstanding Business Award Arnaud Darc, the CEO of Thalias Group, has been honored with the International Leading Brand-Cambodia-Conglomerate in F&B Excellence at the ASEAN Outstanding Business Award 2023 in Malaysia. Conferred by the Association of Asian Business Associations (AOBA), the award acknowledges Darc as a standout business leader in the restaurant industry. Raymond Woo, AOBA chairman, commended Darc's nominations for their commendable business practices, commitment to sustainable development, and community engagement. Representing Darc at the ceremony, his business partner, Luu Meng, highlighted Darc's dedication to France. The ASEAN Business Awards recognize businesses and individuals in ASEAN that propel growth through innovative solutions while prioritizing sustainability. These awards underscore the significance of collaboration and community involvement in fostering peace and prosperity in the region, emphasizing the pivotal role of partnerships in achieving these goals. (Source: Khmer Times)

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