South Korea’s National Tax Service (NTS) has asked Cambodia to provide assistance in tax administration for South Korean companies operating here, a Seoul-based news portal reported on Tuesday.
According to Yonhap News Agency, NTS commissioner Han Sung-hee and Secretary of State, Ministry of Economy and Finance Kong Vibol reached an understanding on the assistance at the NTS office in central Korea.
Quoting data from Export-Import Bank of Korea, the portal said there are more than 900 South Korean firms operating in Cambodia with total investment hitting $2.67 billion as of September 2018 since 1968.
Korean International Trade Association showed that trade volume between the countries amounted to $890 million last year as opposed to $750 million in 2013.
“The heads of South Korean and Cambodian tax agencies agreed on Tuesday to foster ties that can further boost bilateral trade and investment,” it added.
NTS conducted a two-day training programme on Jan 9 for the Cambodian delegation on how to improve electronic tax administration for South Korean firms in Cambodia, it said, adding that last November, Cambodia’s
tax agency held a session to explain its tax system to South Korean firms.