Monthly and Annual Tax Declaration

Currently Cambodia has only one tax declaration system known as RealRegime or Self-Declaration Regime. All companies and enterprises whose annual business returns started from 250 million KHreils (roughly US$62,500) are required to have their business registered as payable supplying entity at General Department of Taxation in accordance with applicable laws of the Kingdom of Cambodia. Every moth, through complying the self-declaration regime, all tax payable entities have to prepare cash flow records, calculate monthly payable tax, settle the payable tax to fiscal administration and then submit a declaration letter certifying the complete payment of payable tax to fiscal administration. Due to confusion and ambiguous understanding on laws and regulations on taxations, some company’s and enterprise’s owners make mistakes in processing paperwork including incorrect calculation of payable tax to be paid to fiscal administration. As a result of this, they have faced huge loss of money resulted from fine by fiscal administration (Ex. 2 million Khreils is fined and 10% of VAT including 2% of monthly interest rate). Therefore, correct,complete and timely payable tax records preparation and payable tax calculation are not only assisting companies and enterprises to avoid from being fined, but also promoting working efficiency, save time and earn more profits.

VCAT is a tax agent, which is officially regulated by General Department of Taxation with certificate No. TA201702002.

Specific

VCAT comprises professional team of experts who obtained training certificate from General Department of Taxation with many years of experience in this field. We can offer you solutions to any issues related to fiscal administration and with high working efficiency, minimizing tax-related errors and fines by fiscal administration, informing you the updated laws and regulations, and providing you consultation on potential impacts on your business. Furthermore, by recruiting outsource for this area, managers could make use the resources and times to manage the entities more effectively. Ex. By focusing on their core business activities.

VCAT provides monthly and annual tax declaration service:

➔ Monthly tax declaration referring to preparing monthly income and expense records, payable tax calculation, settling payable tax to fiscal administration, and then submit a declaration letter certifying the complete payment of payable tax to fiscal administration.

➔ Annual tax declaration referring to tax on annual incomes earned by companies and enterprises for the period of one year.

Tax Audit Service

Are u having problems with Tax? And don’t know what to do with it? Cannot identify the mistakes origin and risks relevant? Don’t know what supporting documents needed to prepare and keep? VCAT PC has a unique team that is specialized in consulting and advising on tax requirements and reviewing on your monthly and yearly Tax Returns.

The key concern of management is to make sure that company calculation on tax payable and file the tax returns forms are complied with tax laws and regulations; so that tax costs and unnecessary penalties will be minimized. When conducting a tax audit, we will examine on the company tax returns to see whether it’s compliance with tax laws. Then identify the areas needed improvement. Finally, we help company do tax planning.

Bookkeeping

➔ General

A key point to be taken into consideration in the process of taxation planning is Bookkeeping or Financial Record Keeping of your company. Bookkeeping refer to keeping and managing all accounting and financial records such as ledgers, journals, financial statements, cash on hand and cash in bank, account receivable and account payable, etc. We can say that Bookkeeping is like a reflection on health condition of the company. If you fail to properly record or manage the income and expense transactions of the company, how could you define whether your company is earning profit or facing loss? Proper cash flow management will assist you in making a better planning.

There are many small and medium size companies and enterprises who decide to get outsource for bookkeeping by handing over it to external accounting firm. VCAT is one of professional accounting firms in Cambodia.

➔ Specific

With professional team of experts and many years of experience, we assure that accounting service provision will be carried out appropriately in accordance with international standards as well as Cambodia Accounting Standards (CAS). We will provide your assistance in developing an accounting system that reflect the real financial status in the company, assist you with better management on account payable and account receivable. VCAT offers monthly accounting service and annual financial close to clients as per their own preference.

➔ Company Registration

To start a business in Cambodia, all local and international investors must request for business registration from the Ministry of Commerce or provincial/municipal departments of commerce. After the completion of company registration, they will receive a Business Registration Certificate. There are five types of business registrations including Sole Proprietorship, Partnership, Private Limited Company, Public Limited Company and Foreign-Branch Company.

VCAT also provides customers with new company registration service both from Ministry of Commerce and General Department of Taxation. We will assist clients in providing consultation service and developing business plan for new company establishment and new company registration for any investors who plan to develop a new business in Cambodia.

We provide the service in package that will include the following process:

✔ Research and register company name
✔ Preparing the Memorandum and Articles of Association (MAA) of company
✔ Get the Certificate of Incorporation from Ministry of Commerce (MoC) for company
✔ Get company official stamp
✔ Register company Patent Tax
✔ Get the Certificate of Tax Registration (Value Added Tax-VAT) for company
✔ Consulting for other related matters, if any.

By having a strong relationship with relevant government authorities and our professional staffs, we believe that the time consuming for the application process will be much shorted.

➔ Business Consulting

We are having adequate experts to provide consultation on new business establishment or offer solutions to deal with your business issues. We clearly understand about legal requirements and other procedures required by lined ministries/institutions to establish a lawful business and in particular, we offer business solutions for any issues you are facing in your business because we have many networks and collaborative partners who could introduce you in fulfilling any gaps in your business.

➔ Compliance and Assurance Service
We are getting ready to conduct field risk assessment for tax declaration or beekeeping in your business. Our professional experts accomplished relevant technical training and have many years of experience in tax declaration and other bookkeeping. We can tell you about mistakes or frauds which are hipping in your business and keep all confidentiality for you.