Finding a Bank in Cambodia
The Cambodian banking sector is a two-tier system comprising the public sector (represented by the NBC), and the private sector such as commercial banks, specialised banks, microfinance institutions and a number of NGOs involved in rural credit activities.
Under the Law on Banking and Financial Institutions, all banks should be licensed and supervised by the NBC.
These include Acleda Bank PLC, Advanced Bank of Asia Limited (ABA Bank), Agribank Cambodia Branch, J Trust Royal Bank Cambodia Ltd, Bangkok Bank Public Company Limited, Cambodia Branch, Bank for Investment & Development of Cambodia PLC, Bank of China Ltd, Bank of India, Booyoung Khmer Bank, Branch of Mizuho Bank Ltd, Bred Bank (Cambodia) PLC, Cambodia Asia Bank Ltd, Cambodia Mekong Bank Public Limited, Cambodian Commercial Bank Ltd, Cambodian Post Bank PLC, Cambodian Public Bank PLC, Canadia Bank PLC, Cathay United Bank (Cambodia) Corp., Ltd, CIMB Bank PLC, First Commercial Bank Phnom Penh Branch, Foreign Trade Bank of Cambodia, Hong Leong Bank (Cambodia) PLC, ICBC Bank Limited, Kasikorn Bank Public Company Limited, Kookmin Bank of Cambodia, Krung Thai Bank Public Co., Ltd, Maybank (Cambodia) PLC, MB Bank PLC, Mega International Commercial Bank Co., Ltd, Phnom Penh Commercial Bank, RHB Indochina Bank Limited, Sacom Bank Phnom Penh, Sathapana Bank PLC, SHB PLC, Shinhan Khmer Bank Ltd, Taiwan Cooperative Bank, Union Commercial Bank PLC and Vattanac Bank.
Taxes in Cambodia
The General Department of Taxation and Ministry of Economy and Finance assesses, collects and enforces various taxies, duties and levies.
Tax on Salary
The tax on salary is a monthly tax imposed on salary that has been received within the framework of fulfilling employment activities. A physical person residing in the Kingdom of Cambodia is liable to tax on salary for Cambodian source salary and foreign source salary. A non-resident physical person is liable for tax on salary for Cambodian source salary. The enterprise which is the employer of an employee has the obligation to withhold tax before salary payment at the following rate:
| Monthly Salary (in Cambodian Riel) | Salary Tax Rate |
|---|
| 0-1,200,000 |
0% |
| 1,200,001 - 2,000,000 |
5% |
| 2,000,001 - 8,500,000 |
10% |
| 8,500,001 - 12,500,000 |
15% |
| 12,500,001 - Upwards |
20% |
For a non-resident employee the tax on salary is withheld at the rate of 15%. This withholding tax is the final tax on salary for the non-resident receiving the salary.
For fringe benefits, every month, the employer shall withhold and pay tax at the rate of 20% of the total value of fringe benefits given to all employees. The value of fringe benefits is the fair market value inclusive of all taxes.
Value Added Tax (VAT)
The self-assessment regime taxpayers who are making taxable supplies are obliged to register for VAT, and collect VAT from the supplying of goods or services to their customers. The term “good” means tangible property other than land or money. The term “service” means the provision of something of value other than goods, land, or money.
0% rate applies only to goods exported from the Kingdom of Cambodia and services consumed outside Cambodia.
10% standard rate applies to all supplies other than exports and non-taxable supplies.
Further information on taxes is available directly at the General Department of Taxation of Ministry of Economy and Finance office or online at https://www.tax.gov.kh/.
Please contact our professional team of real estate agents at +855 23 966 878 or enquiry@kh.knightfrank.com if you need any advice on relocation and real estate in Cambodia.