The deadline to pay the stamp tax has been extended until September 30, according to an announcement from the General Department of Taxation (GDT).
GDT’s announcement released on Friday said that it will delay stamp tax collection this year as some enterprises and business have missed the first deadline set for March.
“Some enterprises failed to fulfill their obligations on the stamp tax payments. The government will set a new deadline for September 30 to give time to all businesses to pay the stamp tax.
“If they miss the deadline, they will be penalised according to the stamp tax laws,” said the statement.
The statement also said that all businesses and enterprises must attach their business’s banners licensing, picture and size of banners, stamp tax receipt for 2017, and related documents before submitting to GDT or the provincial taxation department.
Te Taing Por, president of the Federation of Association for Small and Medium-Sized Enterprises of Cambodia (Fasmec), told Khmer Times that the association has carried out a lot of training for its members regarding the tax payment and their obligations.
He said last year, the association carried out four training courses on taxation for members.
He also said that GDT has provided the trainers to train the association’s members.
He added that this year the association will do a business talk which will raise the concern and the challenges of SMEs on taxation.
“All our members are aware of that regarding the tax payment,” Mr Taing Por said. “There are not any challenges for our members as we often provide them training.”
According to GDT, stamp tax is levied on administration documents, court documents, non-court document and ‘panos’ or posters.
The government is responsible for determining the scope of implementation and stamp tax table in the sub-decree.
Stamp Tax is paid by affixing stamps or cash with receipt. The Minister of Economy and Finance determines the procedure and condition in the implementation of collecting stamp tax in the Prakas.
Each stamp has a value of either 100 riel, 200 riel, 500 riel, 1,000 riel, 2,000 riel or 3,000 riel.
The Ministry of Economy and Finance is the only institution with the authority to print stamps, according to GDT.
Stamp tax will not be levied on posters from which profit is not derived including posters on social education, environment, violence, forest and wildlife protection, traffic education, local and international organisations, and public posters.