Lt Pointer Oct 2010 Kh Final3

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OCTOBER 2010 Legal and Tax Tips for your Business in Cambodia

IN THIS MONTHS ISSUE:

Tax Authorities Step Up Controlof Tax Compliance by

International Schools

Q&A: Taking Security overMovable Assets in Cambodia

Highlights on Real EstateAcquisition in Cambodia Cambodia Third Party

Processors Activity

Coming Events Legal & Regulatory Updates

POINTER

NOVEMBER:

Real Estate Market Intel Vietnam

Legal and Tax Workshop (Ho Chi Minh

City)

Tax Planning and Regulatory

Compliance for Providing Oil & Gas

Services in Vietnam, Cambodia,

Myanmar and Indonesia

Legal and Tax Workshop (Singapore)

DECEMBER:

Economic Land Concession

Legal and Tax Workshop (Phnom

Penh)

Winding Up a Company in Cambodia

Legal and Tax Workshop (Phnom

Penh)

Advance bookings and enquiries

TAX AUTHORITIES STEP UP CONTROL OF

TAX COMPLIANCE BY INTERNATIONAL

SCHOOLSby Edwin Vanderbruggen

In recent months, tax authorities have increasingly paid attention to the tax

compliance obligations of international schools in Cambodia. In response,

there have been more schools that register for tax and are filing tax

returns. The focus fits in a policy of the GDT to widen the base of

taxpayers and to improve awareness of tax obligations by taxpayers.

Under Cambodian tax law, schools that are run on a commercial basis are

actually subject to the same tax obligations as other enterprises. A 20% Tax

on Profit rate applies to the net profit of the school, or a 1% Minimum Tax

on its turnover (whichever is higher). In addition, salaries paid to

employees of the school such as teachers and administrators are subject to

a 5% to 20% Tax on Salary (progressive scales). Strictly speaking, there is

also VAT at 10% on the supplies made by the school, such as school

attendance fees. However, this issue is temporarily under consideration by

the authorities.

Schools that are run for charitable purposes can obtain an exemption of

VAT and Tax on Profit from the Ministry of Economy and Finance. The

exemption can only be obtained if the proper application procedure is

followed. No exemption applies if the procedure was not followed. Acrucial point of evaluation is whether or not the school provides any

private benefits to its owners.

A crucial issue is the Tax on Salary for the staff of international schools. The

salaries constitute a significant part of the operating expenses of an

UPCOMING DFDL MEKONG

EVENTS:

2010DFDLMEKONG

LEGAL &INVESTMENT

GUIDESavailable now
mailto:[email protected]?subject=Event%20Booking%20and%20Enquiriesmailto:[email protected]?subject=Event%20Booking%20and%20Enquiriesmailto:[email protected]?subject=LEGAL%20AND%20INVESTMENT%20GUIDE%20ENQUIRIESmailto:[email protected]?subject=LEGAL%20AND%20INVESTMENT%20GUIDE%20ENQUIRIESmailto:[email protected]?subject=LEGAL%20AND%20INVESTMENT%20GUIDE%20ENQUIRIESmailto:[email protected]?subject=Event%20Booking%20and%20Enquiries


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international school. Under Cambodian tax law the employer is in first instance responsible for withholding andactually paying the taxes to the tax authorities. Who bears the cost for the Tax on Salary very much depends on the

contractual arrangement between the employer and the staff member. Some contracts are made on a net -basis

which means the employer will pay and bear the cost of any taxes. Other contracts are on a gross -basis, which

means the employee will assume the cost of the salary taxes.

TAX AUTHORITIES STEP UP CONTROL OF TAX COMPLIANCE BY

INTERNATIONAL SCHOOLS continued

Martin Desautels

Regional Managing Partner

Martin is Regional Managing Partner of DFDL

Mekong, Managing Director of the Cambodia

Office and Head of the Finance, Energy and

Infrastructure Practice Group. He holds an LL.M

(London School of Economics) and is a member of

the Quebec Bar Association (Canada). His practice

covers international banking, project finance and

investment.

He speaks English, French and basic Vietnamese

and Khmer.

You can contact Martinhere.

We are restating below some of the most frequently askedquestions in relation to taking security over movable assets inCambodia.

Can a security interest be taken in Cambodia over the followingassets?

Shares in a Cambodian companyYes. A security interest can be taken over shares in a Cambodiancompany. There are limitations on foreign ownership of entitiesoperating in particular sectors. For example, foreign ownership ofentities owning land in Cambodia is limited to 49% and foreignownership of entities providing certain telecommunications servicesis limited to 51%. Foreign secured parties can only enforce theirsecurity interest over shares within that limitation.

Bank accountsCambodian law (in particular, the Law on Secured Transactions (theLST)) does not appear to provide for the creation of securityinterest on deposit accounts. The law was originally drafted inEnglish and in that version it is clear that an interest in a deposit,

checking, savings, passbook, or other cash account, except asprovided as to proceeds is not within the scope of the LST. The

Khmer translation, which is the official version of the law andprevails over the English version, reads as the law does not apply

to... an interest payable/earned in a deposit, checking, savings,passbook, or other cash account, except as provided as toproceeds. While the LST may not apply to deposit accounts ingeneral, it is possible to create security interest in deposit accountswhich are proceeds.

Receivables (rights under contracts)Yes. Security interests can be created over receivables by way ofassignment, subject to any restrictions in respect of assignment andthe creation of security interests in the contract. Security interestsin receivables can be perfected by filing a notice of the securityinterest with the Secured Transactions Filing Office (the STFO).

InsuranceYes. Security interest can be created over rights under insurance byway of assignment, subject to any restrictions in the insurancepolicy. The security interest in the rights under insurance can be

Q&A: TAKING SECURITY OVER MOVABLE ASSETS IN CAMBODIABy Martin Desautels and Sambo Ly

perfected by filing a notice of the securityinterest with the STFO. Note that it is notuncommon for lenders to be endorsed as aloss payee by the insurer in relation to theinsurance.

Floating charge over all assetsYes. A security package can be put inplaceto achieve similar objectives as a floatingcharge.
mailto:[email protected]?subject=DFDL%20LEGAL%20&%20TAX%20POINTER%20-%20Oct%202010%20ARTICLEmailto:[email protected]?subject=DFDL%20LEGAL%20&%20TAX%20POINTER%20-%20Oct%202010%20ARTICLEmailto:[email protected]?subject=DFDL%20LEGAL%20&%20TAX%20POINTER%20-%20Oct%202010%20ARTICLEmailto:[email protected]?subject=DFDL%20LEGAL%20&%20TAX%20POINTER%20-%20Oct%202010%20ARTICLE


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Can a lender enforce its security or claim under theguarantee freely after default by the Borrower or

does a lender need a court order to enforce itssecurity or claim under the guarantee? If a courtorder or court involvement is required for securityenforcement or a guarantee claim how long will itapproximately take to complete an enforcement ofsecurity?

Enforcement of security interests over movableproperties (including security interest in guarantee)

In the event of a default a secured party holding a securityinterest over the proceeds of an account or other rights topayment (e.g. receivables or insurance) may, subject toany restrictions in the security document, enforce suchsecurity interest without judicial action. Uponenforcement of its security interest, the secured party canrequire an obligor to make payments directly to thesecured party, and also to take control of any proceeds.

For other collateral, a secured party may enforce itssecurity interest by applying to the court for a special,expedited order granting the secured party possession orcontrol over the collateral upon default. Issues at thehearing are limited to confirming the existence of asecurity agreement covering the collateral and at least oneevent of default. The secured party may take possession or

control of collateral without legal proceedings if thedebtor has agreed to this in writing after default.

Can a liquidator or creditor of the Borrower orGuarantor prevent the enforcement of security orguarantee?

Under Cambodian law, no action, proceedings orexecution process or any other action of any kind by or onbehalf of a creditor can be commenced or continuedagainst the debtor or its assets after insolvencyproceedings have commenced. However, theadministrator may allow or disallow the commencement

of enforcement actions against the assets of the insolventcompany. The administrator is also empowered tocontinue or discontinue a contract between the insolventcompany and the counterparty which has not been fullyperformed by the parties at the time of the opening ofinsolvency proceedings. All claims arising from a contractwhich the administrator has elected to continue shall betreated as administrative claims and, therefore, shall havepriority over the secured claims. Although it is not statedclearly in the Insolvency Law, it appears that theadministrator is appointed for both the insolvency andliquidation proceedings.

The validity, secured status, amount or other priority ofthe security interest may also be challenged by theadministrator, creditor or debtor. In this situation, thesecured creditor must seek a determination of the claimbefore the court, which is required to hear this matterwith utmost expediency.

Ly SamboSenior Regional Adviser, Real Estate & Construction

Sambo is a Senior Adviser and Deputy Head of theEnergy, Infrastructure & Project Finance PracticeGroup. He holds an LL.M Business Law (YokohamaNational University - Japan). His practice areas covercontracts, concession, corporate, real estate, energy,finance, acquisition, joint venture, concession,energy and mining.

He speaks Khmer and English and basic French andJapanese.

You can contact Sambohere.

Q&A: TAKING SECURITY OVER MOVABLE ASSETS IN CAMBODIABy Martin Desautels and Sambo Ly

Does any security given by the Borrower orGuarantor or guarantee granted by theGuarantor have to be registered or filed with agovernmental body/court? What is the timeperiod for such filing or registration to be madeand what is the consequence if it is not made?

As a general rule, all security interests in movableproperty must be filed with the STFO for perfection.

This requirement does not extend to securityinterests incertain types of movable property whichare specifically excluded under the LST. No separateperfection of the guarantee is required if thecollateral supported by the guarantee is alreadyperfected.

Guarantees need not be registered or filed with anygovernmental body or court.

Is it possible to grant a lender security over anasset which has already had security grantedover it to another person? If it is possible, howwould you normally document such anarrangement?

Yes, it is possible to take a subordinate securityinterest in the same asset under Cambodian law,except for a security interest which can only beperfected by the secured party taking possession.
mailto:[email protected]?subject=ARTICLE%20IN%20CAMBODIAN%20OCT%20LEGAL%20AND%20TAX%20POINTERmailto:[email protected]?subject=ARTICLE%20IN%20CAMBODIAN%20OCT%20LEGAL%20AND%20TAX%20POINTERmailto:[email protected]?subject=ARTICLE%20IN%20CAMBODIAN%20OCT%20LEGAL%20AND%20TAX%20POINTERmailto:[email protected]?subject=ARTICLE%20IN%20CAMBODIAN%20OCT%20LEGAL%20AND%20TAX%20POINTER


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HIGHLIGHTS ON REAL ESTATE ACQUISITION IN CAMBODIABy Antoine Leger

Antoine Leger

Senior Adviser, Real Estate Practice Group

Antoine Leger is Senior Legal Adviser to our

Real Estate Practice Group. He holds a LL.B

(University of Montreal, Canada) and is a

member of both the Paris and Quebec Bars.

His areas of expertise encompass Real Estate,

Commercial, Corporate and Contract Law.

He speaks French and English.

You can contact Antoinehere.

The Acquisition of immovable property in the Kingdom ofCambodia is a process that must be carefully scrutinized to avoidunnecessary risks.

Besides the existence and validity of good title on the prospectiveproperty, which has to be verified at the cadastre and at thevarious local administrative authorities, the nationality of theprospective buyers has to be taken into consideration sinceimmovable property can only be acquired by Cambodian citizensor by Cambodian entities in which at least 51% of the shares arein the hands of natural persons or legal entities of Cambodiannationality.

Further, the only real rights that may be acquired by foreigners inCambodia are through: a) a Long Term Leases, for a minimumduration of 15 years to a maximum of 99 years; b) Concessions;

and c) Minority Interests in Cambodian Entities (49%).As to the acquisition of freehold rights to immovable property, amajor part shall be played by the execution of a Sale andPurchase Agreement between the parties. This Agreement isintended to organize their respective rights and obligations aswell as the procedure to be followed for the transfer of Propertyrights and the determination of the timing of the differentpayments that are going to take place.

The process of acquisition can be summarized through thefollowing scenario:

Firstly, a search on the title (due diligence) shall be conducted at

the cadastre and at the various administrative layers involved.Then the Buyer and Seller shall enter into negotiation for thesignature of the Sale and Purchase Agreement mentionedpreviously. This Agreement will, amongst other, set the amount of

the deposit and the timing for payment of the sale price.Typically, the deposit usually amounts to 10% of the priceagreed by the parties and will be paid at the signature of theSale and Purchase Agreement, the balance being paid in twoinstallments during the completion of the sale. It should benoted that it is possible to enter into an ancillary escrowagreement to govern the release of these payments.

Thirdly, in keeping with the time frame set by the Sale andPurchase Agreement, the parties will sign and thumb print theofficial administrative document called Vente Dfinitive

(final sale) prepared by the cadastre of the location of theProperty. At this point a second payment is made by the Buyer,usually up to 40% of the price. The cadastre will determine theamount of the transfer fees and the document will then beforwarded for approval to the municipal cadastre if theProperty is located in Phnom Penh or to the respectiveprovincial cadastre if the property is located outside Phnom Penh. The document will also be forwarded to the Taxdepartment which will determine the applicable duties for the transaction and then the Vente Dfinitive documentwill be returned to the cadastre for final inscription on the title certificate and registration in the official Landregisters. The whole process takes generally between two and three weeks.

Last but not least, and after payment of the transfer fees and tax duties, the title certificate will be updated by thecadastre to register the name of the buyer. The original of the title certificate will then be handed over by the sellerto the buyer upon payment of the balance of the price (i.e. the remaining 50% according to our example).

Of course, all property transactions in Cambodia do not conform entirely to this scenario but it is the one wegenerally recommend to our clients who intend to buy a property in Cambodia.
mailto:[email protected]?subject=REAL%20ESTATE%20ARTICLE%20IN%20CAMBODIAN%20OCT%20LEGAL%20AND%20TAX%20POINTERmailto:[email protected]?subject=REAL%20ESTATE%20ARTICLE%20IN%20CAMBODIAN%20OCT%20LEGAL%20AND%20TAX%20POINTERmailto:[email protected]?subject=REAL%20ESTATE%20ARTICLE%20IN%20CAMBODIAN%20OCT%20LEGAL%20AND%20TAX%20POINTERmailto:[email protected]?subject=REAL%20ESTATE%20ARTICLE%20IN%20CAMBODIAN%20OCT%20LEGAL%20AND%20TAX%20POINTER


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Client Alert

Under Article 2(3) of the Law on Banking andFinancial Institutions 1999 ("LBFI") a legal entity

which carries on as its regular business, "theprovision of means of payment to customers and theprocessing of said means of payment in nationalcurrency or foreign exchange," is deemed to becarrying out banking operations. LBFI has determinedthe operations that are the main activities of thebank as follows:

1. Credit operations for valuable consideration,including leasing, guarantees and commitmentsunder signature;

2. The collection of non-earmarked deposits fromthe public;

3. The provision of means of payment to customersand the processing of said means of payment innational currency or foreign exchange.

As mentioned above, any entity regularly carrying outany of the three types of operations will beconsidered as providing banking services and thoseentities are required to be licensed by the NationalBank of Cambodia ("NBC") before commencing theiroperations.

With reference to paragraph (3) above, means of

payment would include payment by cheque, creditcard, debit card, money transfer and paymenttransactions covered by the Law on NegotiableInstruments and Payment Transactions (LNIPT). Byvirtue of LNIPT, the NBC has established andpromulgated Prakas B9-010-151 P.K on Third PartyProcessors (Prakas) which came into effect on

25 August 2010 and was fully implemented on22 September 2010, following the announcement ofNBC to all local banks which are operating banktransaction services in Cambodia. The Prakas appearsto enable banks as defined under the LNIPT tooutsource one or more parts of their payment

transaction services to one or more Third Partyprocessors, as may be agreed between that bank andthose Third Party processorssubject to priorapproval from the NBC and in accordance with Article204 of the LNIPT. The term Third Party Processormeans a person entrusted by a bank to conduct oneor more parts of its payment transaction services;and the term Outsourcing means a bank entrustingby way of agreement a legal person or another bankto provide one or more parts of its services on itsbehalf.

The Prakas also provides that:

a) a person who is not a Bank may not engage inthe business of payment transactions or holditself out as providing payment transactionservices unless that person (i) is entrusted byagreement by a Bank to act as its Third PartyProcessor and (ii) is licensed by the NBC to do so;

CAMBODIA THIRD PARTY PROCESSORS ACTIVITYBy Vathana Sar

b) such (entrusted and licensed) Third PartyProcessor may act on behalf of the Bank toprovide one or more services as specified inArticle 203 of the LNIPT;

c) such Third Party Processor can also manage andoperate on behalf of one or more Banks apayment system for (i) payment transactions andcash withdrawals and (ii) clearing and

settlements for instruments of domestic andforeign currency payments in Cambodia;

d) every Third Party Processor managing a PaymentSystem will also be subject to existing NBCPrakas on Payment Clearing Systems, Prakas onControl of Systemic Risk of Payment Systems andPrakas on the Operation of Settlement Accountstogether with any other relevant measures.

How to become Third Party Processors:

A person or legal entity who wishes to providepayment transaction services, including monetarytransfer services on behalf of local banks in Cambodiashall meet the following requirements:

a) he/she shall be entrusted by agreement by alocal bank to act as its Third Party Processor; and

b) He/she shall be licensed by NBC.

Sar Vathana

Senior Adviser, Corporate & Commercial Practice Group

Vathana has over 13 years legal experience notably in

corporate, regulatory and legal and civil & commercial affairs,

contractual matters and a thorough knowledge of commercial

issues and practices in Cambodia. His areas of expertise cover

all corporate and civil & commercial aspects of law and

investment in Cambodia including mergers and acquisitions,

matters related to telecommunication, tax, investment,

property, labor & employment, licensing, contract and

corporate law.

He speaks Khmer and English

You can contact Vathanahere.
mailto:[email protected]?subject=BANKING%20ARTICLE%20IN%20CAMBODIAN%20OCT%20LEGAL%20AND%20TAX%20POINTERmailto:[email protected]?subject=BANKING%20ARTICLE%20IN%20CAMBODIAN%20OCT%20LEGAL%20AND%20TAX%20POINTERmailto:[email protected]?subject=BANKING%20ARTICLE%20IN%20CAMBODIAN%20OCT%20LEGAL%20AND%20TAX%20POINTERmailto:[email protected]?subject=BANKING%20ARTICLE%20IN%20CAMBODIAN%20OCT%20LEGAL%20AND%20TAX%20POINTER


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You can now find a brand new and innovative blog on the web, with updates, insights and planning tips on tax in the

Mekong region. Hot issues, innovative analysis, new rules and regulations with practical commentary on tax inCambodia, Laos, Myanmar, Thailand and Vietnam.

Visit and subscribe towww.edwinontax.comfor expert commentary, tips and update. New posts every day, now over

90 posts online.

Some recent posts:

- When Can the GDT Reassess the Turnover of a Cambodian Company?(24 September 2010)- Thai Supreme Court Ends Controversy on Head Office Expense Deduction (23 September 2010)- The Hong Kong-Vietnam and the Singapore-Vietnam DTA Compared (22 September 2010)- Cambodian tax authorities focus on audit of Representative Offices (21 September)- What is Your Companys FTA Strategy? (21 September 2010) - Can a Serviced Office be a Permanent Establishment? (20 September 2010)

Subscribe to edwinontax.com by clickinghere

The License is valid for a period of three years from the approval date and may be renewed. The local bank whichoutsources one or more parts of payment transaction services to a Third Party Processor shall apply for License

renewal and submit a License renewal application to NBC at least three months before expiration of the existing

License. In the event that this deadline is not met, a fine of Riel 1,000,000 (the equivalent of approximately

US$250) per day of delay up to the submission date shall be imposed.

The Bank must fulfill its obligation in giving information and pay the renewal License fee on behalf of the Third

Party Processor. However, at this point of time, the Prakas does not stipulate the amount of the renewal License

fee to be paid by the local Bank to NBC. We would assume, however, that the amount of such fees would not be

substantially different from the abovementioned application fee and annual License fee.

If you would like to take advantage of this latest development on this important legal framework governing Third

Party Processors activity or have any questions on the above, please let us know.

How to apply for a Third Party Processor License and Validity of the

License:

Before allowing a Third Party Processor to conduct any payment

transaction services on behalf of the local Bank, the Bank shall apply for aLicense on behalf of such Third Party Processor, issued by NBC.

- An application fee of Riel 2,000,000 (the equivalent of approximately

US$500) must be accompanied with the License application form.

- Annual License fee of Riel 10,000,000 (the equivalent of

approximately US$2,500) shall be paid by the Bank on behalf of

Third Party Processor by 15th

January of each year. In the event of

late payment of the annual License fee, the Bank shall be fined by

paying interest on the overdue payment at the prevailing re-

financing interest rate for a period up to thirty days.

CAMBODIA THIRD PARTY PROCESSORS ACTIVITY continued
http://www.edwinontax.com/http://www.edwinontax.com/http://www.edwinontax.com/http://www.edwinontax.com/?p=705http://www.edwinontax.com/?feed=rss2http://www.edwinontax.com/?feed=rss2http://www.edwinontax.com/?feed=rss2http://www.edwinontax.com/?feed=rss2http://www.edwinontax.com/?feed=rss2http://www.edwinontax.com/?feed=rss2http://www.edwinontax.com/?p=705http://www.edwinontax.com/


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DFDL MEKONG LEGAL AND TAX WORKSHOP S

Winding Up a Company in Cambodia

Intercontinental Hotel Phnom Penh, 13 December 2010

The tax and legal procedures to complete to wind up a company in Cambodia can be challenging. Most

importantly, a tax clearance or final tax audit is required before the Ministry of Commerce or the Council for the

Development of Cambodia can actually deregister the company. How will this final audit be carried out? Can

anything be done to speed up the process? How can you minimize risks for tax reassessments?

This highly practical client workshop focuses on solutions, tax efficient measures and legal compliance you will

need to know to guide the process to a swift end:

- How to speed up the tax audit process: practical tips

- Special issues for QIPs: how to manage the customs duty repayment?

- Typical issues that tax authorities will focus on

- Which tax challenges can you win?

- What is the proper legal procedure?

- What happens if there are still creditors?

- How to avoid legal and director liabilities

Speakers include:

- Edwin Vanderbruggen, Managing Director, Regional Tax Practice- Guillaume Massin, Deputy Country Managing Director, Head of the Real Estate Practice Group- Sar Vathana, Senior Adviser, Corporate & Commercial Practice GroupIf you are interested in attending or would like more information about our workshop pleasecontact us.

Economic Land Concessions and Forest Concessions

Intercontinental Hotel Phnom Penh, 7 December 2010

We are pleased to present our Legal and Tax Workshop on December 7 th entitled: Economic Land Concessions and

Forest Concessions. Our Legal and Tax advisers will discuss key considerations for companies and individualswishing to obtain or sell Economic Land Concessions or Forest Concessions. Topics will include:

- What are the different ways to obtain a concession?- What are the tax implications when obtaining a concession?- How big can your concession be?- Negotiating tips for concessions.- What are the alternatives to a concession?- What are the conditions to be exempt from VAT?- What are the conditions to be exempt from withholding tax?- Tax depreciation on concession feesSpeakers include:

- Edwin Vanderbruggen, Managing Director, Regional Tax Practice- Guillaume Massin, Deputy Country Managing Director, Head of the Real Estate Practice Group- Laysym Sim, Senior Tax Adviser, Head of Cambodian Tax Practice

COMING EVENTS
mailto:[email protected]?subject=WINDING%20UP%20A%20COMPANY%20IN%20CAMBODIA%20WORKSHOPmailto:[email protected]?subject=WINDING%20UP%20A%20COMPANY%20IN%20CAMBODIA%20WORKSHOPmailto:[email protected]?subject=WINDING%20UP%20A%20COMPANY%20IN%20CAMBODIA%20WORKSHOPmailto:[email protected]?subject=ECONOMIC%20LAND%20CONCESSIONS%20AND%20FOREST%20CONCESSIONS%20WORKSHOPmailto:[email protected]?subject=WINDING%20UP%20A%20COMPANY%20IN%20CAMBODIA%20WORKSHOP


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This pointer is intended for general

guidance only. It should not be relied

upon as legal advice.

DFDLMEKONG (CAMBODIA)CO.LTD.

TOSUBSCRIBECLICK HERE.

TOUNSUBSCRIBECLICK HERE

LEGAL AND REGULATORY UPDATES

FINANCE 2010MAIN SUBSTANCE FOR OPERATING RULES OF A SECURITIES MARKET,CLEARANCE AND SETTLEMENT FACILITY, AND SECURITIES DEPOSITORYSERVICE, Prakas #004 (SECC), 18 March 2010.

Prakas #004 aims to determine the main substance for operating rules of a

securities market, clearance and settlement facility, and securitiesdepository in compliance with the Law on Issuance and Trading of Non-Government Securities, and Sub-Decree on the Implementation of the Lawon Issuance and Trading of Non-Government Securities.For the full text seeCambodian Weekly Law Update 14 October 2010.

LABOR 2010COLLECTION AND COMPILATION OF LABOR MARKET INFORMATION, Sub-Decree #117 (RGC), 13 September 2010.

This Sub-Decree intends to collect and compile information on labor marketin the Kingdom of Cambodia. The purpose of this Sub-Decree is to promote,develop and publicize labor market information, which is a source of

information available in one place, easy to serve the needs of informationand labor market data developers/makers of policy and planning, for laborseekers, employers, trainers, educators, professional skills instructors, forlabor service providers, researchers and the public in general. This Sub-Decree shall extend the scope on information on the Cambodian labormarket. The National Agency for Occupation and Labor, which is thedesignated statistics unit of the training National Committee, shall have therole and duties to facilitate, collect, synthesize, produce, compile, analyze,study, create, develop a labor market information system, and to publicizelabor market information in a public place which is easy to access byelectronic systems or in paper format. For the full text see CambodianWeekly Law Update 14 October 2010.

IMPORT/EXPORT 2010REPORTING OF GOODS WHEN ENTERING THE CUSTOMS TERRITORY OF THEKINGDOM OF CAMBODIA, Prakas #572 (MEF), 19 August 2010.

Prakas #572 aims to officially announce that all goods, equipment and meansof transportation, which are imported into a customs territory of theKingdom of Cambodia, shall be transported directly through the legal routeat the nearest customs office or any other place determined by the CustomsAdministration ("CA"), and shall be reported to the CA as required, which isdetermined by the General Director of Customs and Excise of Cambodia.Except for the provisions stated in Article 6 of this Prakas, goods shall bereported to the CA during Customs Office working hours. For the full text seeCambodian Weekly Law Update 21 October 2010.

ACCOUNTING 2010RECOGNITION OF CERTIFIED PUBLIC ACCOUNTING FIRM TO PROVIDESERVICES IN THE SECURITIES SECTOR, Prakas #005 (SECC), 18 March 2010.

Prakas #005 aims to set out/define the required terms and conditions inorder to recognize and determine the obligations of certified publicaccounting firms and independent auditors who provide services in thesecurities sector in compliance with the Law on the Issuance and Trading ofNon-Government Securities, and the Sub-Decree on the Implementation ofthe Law on the Issuance and Trading of Non-Government Securities.For thefull text see Cambodian Weekly Law Update 21 October 2010.

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Lt Pointer Oct 2010 Kh Final3

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Transcript of Lt Pointer Oct 2010 Kh Final3