MEF requests taxpayers to use KHR bank accounts for VAT refunds

Economy and Industry

MEF requests taxpayers to use KHR bank accounts for VAT refunds The Ministry of Economy and Finance (MEF) has urged taxpayers to use a KHR bank account for VAT refunds to promote the use of the national currency. To speed up the VAT refund process, large- and medium-scale taxpayers, including foreign embassies, consulates, international organizations, and government agencies, must have a KHR bank account registered with the General Department of Taxation. If taxpayers do not yet have a KHR account, they are required to open one and update their account information. The MEF encourages these entities to comply with the new guidelines for efficiency. (Source: Khmer Times)

SSEZ trade volume hits record $4 billion in imports and exports The Sihanoukville Special Economic Zone (SSEZ) reached a record $4.07 billion in import and export volume in 2024, marking a 21.3% increase from the previous year. The SSEZ focused on high-quality development, adding 28 new enterprises, bringing the total to 202, and creating 32,000 jobs. The zone plays a crucial role in strengthening China-Cambodia cooperation and advancing Cambodia's Industrial Development Corridor. The SSEZ is the largest in Sihanoukville, with over 30,000 employees, and contributes significantly to the province's economy. Plans for 2025 include transforming it into a multi-purpose economic zone to attract more investments. (Source: Khmer Times)

Kampong Cham's economy expands by 8.6% in 2024 Kampong Cham province's economy grew by 8.6% in 2024, reaching $2.65 billion, driven by agriculture, industry, and services. The growth includes $1.03 billion from agriculture, $857 million from industry, and $766 million from services, with a GDP per capita of $2,311. The province also completed significant infrastructure projects, including roads and clean water systems, with a focus on agricultural development. Private sector investment, especially in rice, rubber, and bananas, is thriving, and the electricity network has expanded. Governor Un Chanda emphasized that security and peace are key to achieving these developments. Looking ahead, the province expects to reach an economic size of $2.867 billion in 2025. (Source: Khmer Times)

Corporate News

Sailun, leading chinese tyre manufacturer, invests $93.5M in Cambodia expansion Sailun Group, a leading Chinese tyre manufacturer, will invest $93.5 million to expand its Cambodian production to meet rising demand in Cambodia and North America. The investment includes $61.18 million to boost production at its Svey Rieng factory and $32.30 million for working capital. The expansion project, expected to generate $244.73 million in annual operating income, will take nine months to complete, pending regulatory approval. Sailun's Cambodian subsidiary, Cart Tire, produces up to 35,000 tyres daily and is a significant consumer of Cambodia's rubber output. The company also operates several factories globally, including in Vietnam, China, and Mexico. (Source: Khmer Times)

Stock Market

CSX index dips 0.39%, closing at 408.5 points amid mixed stock performance The CSX Index declined by 0.39% compared to the previous closing, ending at 408.5 points. On the main board, gains were led by PAS (+0.34%), while PEPC (-1.67%) and ABC (-1.35%) recorded declines. PWSA, GTI, PPAP, PPSP, MJQE, and CGSM ended the session unchanged. On the growth board, DBDE and JSL was up by 0.49% and 1.79%, respectively. The trading session concluded with a total volume of 51,073 shares and a turnover of KHR 307 million. (Source: YSC Research)

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