New Minimum Registered Capital Requirements for Banking and Financial Institutions
As the banking and financial sector of the Kingdom of Cambodia has gradually improved in the last decades, the National Bank of Cambodia ("NBC") issued on 22 March 2016 a new Prakas, Prakas No.B7.016.117P, setting out new minimum requirements for registered capital for all banks and micro-finance institutions licensed by the NBC to operate in Cambodia.
Third Extension of Tax Update
It has been 16 months after the Ministry of Economy and Finance issued Prakas No.1139 dated 09 October 2014, which requires all entities registered with the General Department of Taxation (“GDT”) or any relevant tax authority before 01 November 2014 to update their information at the National Tax School or the relevant tax branch office. Since there are some entities that have not completed this update, the GDT on 26 February 2016 extended for the third time the deadline for the completion of tax update to 31 May 2016.