Prakas on Rules and Procedures of Taxation on Trust
On 12 March 2025, the Ministry of Economy and Finance issued Prakas No. 192 on Rules and Procedures of Taxation on Trust (“Prakas No. 192“). Prakas No. 192 applies to trustors, trustees, and beneficiaries who are resident taxpayers or non-resident taxpayers that are involved in operation of trusts established in Cambodia, with the exception of trust structures with the legal form of a company or an enterprise.
Prakas No. 192 outlines the key requirements in the following areas: (i) tax registration; (ii) accounting books and records; and (iii) taxation including tax on income and taxation on trust property.
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Prakas on the Requirements on Financial Soundness of Trust Companies
On 11 March 2025, the Non-Bank Financial Services Authority issued Prakas No. 026 on the Requirements on Financial Soundness of Trust Companies (“Prakas No. 026“). Prakas No. 026 sets out the requirements and procedures for the examination of the financial soundness of licensed trust companies in the Kingdom of Cambodia. The key requirements outlined under Prakas No. 026 include financial requirements, reporting requirements, urgent corrective measures, and sanctions.
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Prakas on Consumer Protection in Insurance Services
On 10 March 2025, the Non-Bank Financial Services Authority issued Prakas No. 022 on Consumer Protection in Insurance Services (“Prakas No. 022“). Prakas No. 022 aims to safeguard the rights and interests of consumers of insurance services (“Consumers“). It also seeks to enhance trust between consumers and insurance institutions, including general insurance companies, life insurance companies, micro-insurance companies and insurance intermediaries. The key requirements outlined under Prakas No. 022 relate to information disclosure obligations, unfair acts, unfair practices, non-discrimination of consumers, safeguard of consumers’ personal information, sanctions, and deferred implementation.
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Philippines and Cambodia Sign Agreement to Enhance Collaboration in Competition Law Enforcement
The Philippine Competition Commission (“PCC“) and the Cambodia Competition Commission (“CCC“) signed a memorandum of understanding (“MOU“) to enhance collaboration in competition law enforcement to foster fair and competitive markets in both countries.
The MOU establishes a framework for closer partnership between PCC and CCC in key areas such as notification of potential anti-competitive conduct, enforcement activity coordination, and technical collaboration through personnel exchanges and joint training. In his speech, Philippine President Ferdinand Marcos Jr. stressed the importance of exchanges of best practices in competition law enforcement for bilateral investment and economic activity.
The MOU, signed by PCC Chairperson Michael Aguinaldo and CCC Chairperson Cham Nimul, was presented before President Marcos and Cambodian Prime Minister Hun Manet on 11 February 2025, during Prime Minister Hun Manet’s first official visit to the Philippines.
The MOU is the sixth international bilateral agreement concluded by the Philippines and other countries, following previous MOUs with China (2019), Hong Kong (2020), Singapore (2021), Australia (2024), and Thailand (2025).
Prakas on Public Offering of Equity Securities of Holding Company
On 20 January 2025, the Non-Bank Financial Services Authority (“NBFSA“) issued Prakas No. 003 NBFSA/PrK on the Public Offering of Equity Securities of Holding Company (“Prakas No. 003“). Prakas No. 003 sets out the requirements and procedure for the public offering of equity securities by a holding company, as well as its obligations following the offering.
In addition to the requirements as set out in the existing Prakas No. 005/15 SERC/PrK dated 10 September 2015 on the Public Offering of Equity Securities, Prakas No. 003 provides for additional requirements applicable to holding companies which intend to conduct a public offering of its equity securities in Cambodia.
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Taking Evidence under the NCAC Rules: Overview and Comparison with International Best Practices
As a prominent alternative dispute resolution mechanism, arbitration plays a pivotal role in resolving commercial disputes. In Cambodia, the National Commercial Arbitration Centre (“NCAC“) was established as the first commercial arbitral institution aiming to provide comprehensive procedural rules for resolving commercial disputes through arbitration. The initial 2014 NCAC Arbitration Rules have since been superseded by the 2021 NCAC Arbitration Rules (“NCAC Rules“).
One key aspect of arbitration proceedings is evidence-taking, which forms the backbone of the arbitral tribunal’s ability to render informed decisions. The NCAC Rules aim to provide the parties with a fair, expeditious, efficient, and cost-effective dispute resolution mechanism, including how evidence is taken.
In this article, we discuss:
- The nature of evidence-taking and its significance in arbitration;
- Evidence-taking under the NCAC Rules;
- Challenges and limitations in evidence-taking; and
- International best practices for effective evidence-taking, with reference to the International Bar Association Rules on the Taking of Evidence in International Arbitration (IBA Rules) and the Rules on the Efficient Conduct of Proceedings in International Arbitration (Prague Rules).
For more information, click here to read our Legal Update.
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Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice
