Chairman of GMAC, signed a Memorandum of Understanding (MOU) on “Better Factories Cambodia Programme for 2023-2027”

 In the afternoon of 10 October 2022 at Phnom Penh Hotel, Mr. Kong Sang, Chairman of GMAC, signed a Memorandum of Understanding (MOU) on “Better Factories Cambodia Programme for 2023-2027”. This MOU was signed between the Royal Government of the Kingdom of Cambodia, the Garment Manufacturers Association in Cambodia (GMAC) and the International Labour Organization (ILO).

Be reminded that it has been more than 20 years that we accept this special programme of the ILO with a clear vision that continuous improvement of working conditions is one of the most important cornerstones on which the industry can build its success on.

Cambodia is proud to be the first country in the world to embrace this ILO’s unique programme to independently monitor our factories and transparently report on their findings.

Mr. Kong Sang pointed out that the success was clear with the programme being replicated for implementation in about 10 other countries. He emphasized that “our commitment to the program is as strong as it was more than 20 years ago and we therefore are very happy today to renew our Memorandum of Understanding to continue to the programme for another 5 years.”

Source: GMAC FB Page

RMA, invited as Co-chair of the newly established Automotive and Electronics Sector Development Advisory Council

 RMA Cambodia is privileged to be invited to serve as the Co-chair of the newly established Automotive and Electronics Sector Development Advisory Council. This Advisory Council is a high-level dialogue mechanism between the Government, private sector, and relevant stakeholders, including private companies, business associations, and technical and vocational education and training institutions, to promote the development of Cambodia’s automotive and electronics sectors.

The Automotive and Electronics Sector Development Advisory Council convened its first meeting presided over by His Excellency Mr. Sok Chenda Sophea, Minister attached to the Prime Minister and Secretary General of the Council for the Development of Cambodia on August 2, 2022. The objectives of the meeting were: (1) to discuss and collect input related to the roles, responsibilities, and work arrangement of the Advisory Council, (2) to identify the prioritization of measures for collaboration between public and private sectors, and (3) to prepare the implementation of development measures in improving skilled labors.

Source: CDC Official FB Page

Digital wage on the coast of Cambodia

 Digital wage on the coast of Cambodia - More factories are transitioning to digital wage payments in Cambodia like Channy's factory which has transited since 2019.

The Better Factories Cambodia programmes is partnering with stakeholders including GMAC - Garment Manufacturers Association in Cambodia and BSR's HER project

to promote the transition to responsible digital wage payments.

To read more about how Channy's factory transited to dgital wage, click here: https://bit.ly/3Cf5kaN

Source: GMAC FB Page

New Cambodian Income Tax and Tax on Salary

 Sub-decree on Annual Income Tax and Monthly Salary Tax Thresholds

关于年度所得税和每月工资税起征点的次级法令

Source: GMAC FB Page

The Seminar in Chinese on “Tax and Financial Audit” co-hosted by GMAC and Baker Tilly

The Seminar in Chinese on “Tax and Financial Audit” co-hosted by GMAC and Baker Tilly was held on 04 Oct 2022 at GMAC. The Seminar is designed for garment, footwear, and travel goods factories that are members of GMAC in order to strengthen and expand their knowledge on taxation.

The topics that were presented and discussed in this seminar are as follows:

· The general principle for compliance of tax filing and penalty for non-compliance.

· Benefit for compliance - gold status, bronze status, etc.

· Monthly E-Filing - things to take note of/type of services.

· Minimum Tax and Prepayment of Tax on Income calculations and exemptions.

· Type of tax audit and time frame involved.

· Matters to consider and prepare for the tax audit.

· Guidance from Cambodia's Ministry of Economy and Finance (MoEF) on the statutory audit requirements.

· Filing with ACAR and penalty for non-compliance.

There were 138 participants joined physically and more than 20 others joined via zoom.

Source: GMAC Official FB Page