Key Points In Martin v. California Coastal Commission, the Court of Appeal issued a rare opinion discussing local policies that are designed to manage and mitigate coastal bluff erosion. The court upheld a permit condition that required a new home to be set back 79 feet from the edge of a coastal bluff. The court reaffirmed that the policy at issue requires new development to be reasonably safe from failure and erosion over the entirety of the development’s lifetime ...
While relief has been granted for federal and California income tax filing and payment obligations (see prior coverage here and here) the same cannot be said for local property tax obligations. To avoid penalties, the next payment deadline for California property taxes remains April 10, 2020. Property tax payment deadlines are set by California state law and cannot be extended by either the Board of Equalization or local county assessor offices (see BOE statement) ...
While helpful, California’s Board of Equalization has not exactly taken the most pro-renewable energy position in their new guidance on the effect of the installation of a solar power system on tax-exempt property. In what appears to be a fairly common acquisition structure, for example, a solar power company installs a solar power system that it retains ownership of, and the nonprofit provides the space for installation and then leases the system from the solar company ...
On January 31, 2017, the First Appellate District Court in the case Santa Barbara Channelkeeper v. City of San Buenaventura found that an allegation of excessive water diversion to protect endangered fish species under the rule of reasonableness and the public trust doctrine, could not be resolved without consideration of all competing water users in the system ...
Prior to the Tax Cuts and Jobs Act of 2017 (TCJA), taxpayers who itemized could annually deduct state and local taxes (SALT) paid on their personal federal tax returns. The TCJA added in IRC Section 164(b)(6), effectively placing a $10,000 cap on taxpayers' federal itemized SALT deductions.1 The cap on SALT deductions applies for tax years ending December 31, 2017 through December 31, 2025 ...
In the last few weeks, the General Department of Taxation (GDT) has issued two Notifications (No. 12723 & 13466) reminding owners of immovable property to file their annual Property Tax declaration and pay Property Tax before the deadline of 30 September 2016. Notification No ...
On the 21st of August 2019 Notification dated 21 August 2019 the General Department of Taxation (“GDT“) issued Notification 17517 GDT on the Second Reminder of the Payment of the Property Tax reminding owners of immovable property to file their annual Property Tax declaration before the deadline of 30 September 2019 ...
We would like to take this opportunity to remind our readers that the immovable property tax (“TOIP”) and Unused Land Tax deadlines for 2022 of 30 September 2022 are fast approaching. The 2022 TOIP and Unused Land Tax payment can be submitted at any tax branch or any branches of the following banks: Canadia, ACLEDA, Vattanac, Cambodia Public Bank or ABA Bank ...
“It’s a dangerous business, Frodo, going out your door. You step onto the road, and if you don’t keep your feet, there’s no knowing where you might be swept off to.” — Bilbo Baggins For those embarking on the process of obtaining a Value Added Tax (VAT) refund in Cambodia – it may feel at times like a perilous journey ...
On the 5th of April 2023 the Accounting and Auditing Regulator (“ACAR”) issued Notification 0013/23. ACAR/N reminding enterprise owners and directors of non-profit organisations of their obligation to submit, via the ACAR e-filing system, their annual financial statements for the 2022 financial year to the ACAR by the required due date ...
On the 27th of December 2022 the Accounting and Auditing Regulator (“ACAR”) issued a reminder regarding the submission obligations relating to the 2022 financial statements of enterprises in Cambodia. In summary enterprises that are not required to obtain an external independent audit of their 2022 financial statements are required to submit their 2022 financial statements to ACAR by the 15th of April 2023 ...
Notification 005/23 was issued by the Accounting and Auditing Regulator (ACAR) on the 11th of April 2023 concerning the Extension to Submit Annual Financial Statements for the 2022 financial year for Enterprises and Non-Profit Organizations that are not subject to independent financial audits ...
Notification 020/23 was issued by the Accounting and Auditing Regulator (ACAR) on the 12th of May 2023 concerning the Extension to Submit Annual Financial Statements for the 2022 financial year for Enterprises and Non-Profit Organizations that are not subject to independent financial audits ...
The Royal Government of Cambodia will continue its relief measures to mitigate the economic impact of Covid-19 and support the recovery of the country’s tourism sector, according to an official announcement on 25 October 2022 ...
In a press release issued on the 12 of April 2023 the Economic and Financial Policy Committee (the Committee) of the Royal Government of Cambodia provided the following updates with respect to the support of Borey Real Estate Developers in Cambodia ...
Following the enactment of Sub-Decree No. 196 (“Sub-Decree 196”) on the 28th of September 2022 by the Royal Government of Cambodia (click here ) the Ministry of Economy and Finance (MEF) issued Instruction 017 on the 27th of December 2022 on the Implementation of the new rates of Tax on Salary ...
“What’s in a name? That which we call a rose by any other name would smell just as sweet.” – William Shakespeare What’s in a name? From a Cambodian tax perspective, it would seem quite a lot. On the surface, Instruction 30408 “On the Implementation of Advance Tax on Dividend Distribution,” issued by the General Department of Taxation (GDT) on 14 December 2022 seems quite innocuous ...
On the 14th of February 2023, the General Department of Taxation (“GDT”) issued Notification 5367 (“Notification 5367”), which provides the 2022 market interest rates for Employee Loans in accordance with Article 15 of Prakas 543 on Tax on Salary and Instruction No. 7015 GDT dated 13 March 2020. The market interest rates for 2022, based on the average of eleven (11) commercial Cambodian banks, are as follows: USD – 8.35% per annum Khmer Riel – 8 ...
“An ounce of prevention is worth a pound of cure.” Benjamin Franklin For tax advisors, CFOs, and finance personnel throughout Cambodia, the last few weeks of March are typically extra stressful due to the 31 March deadline for filing annual Tax on Income (TOI) declarations with the General Department of Taxation (GDT). Cambodia’s tax system operates on the principle of self-assessment, meaning taxpayers declare and pay taxes based on their reading of tax regulations ...
Instruction No. 2520 GDT on the Adjustment on the Implementation of Value Added Tax on E-Commerce Transactions (Instruction 2520) was issued by the General Department of Taxation (GDT) on the 24th of January 2023. Instruction 2520 repeals the earlier Instruction 20522 on the Implementation of Value Added Tax on E-Commerce that was issued on the 8th of December 2021 ...
Instruction No. 26118 GDT on the Use of Official Exchange Rate for Self-Assessment Taxpayers dated 28 October 2022 (“Instruction 26118”) has abrogated Instruction No. 10362 GDT, dated May 17, 2022 (“Instruction 10362”) ...
Overview On the 16th of May 2023, the New Law on Taxation (“New Taxation Law”) was promulgated by Royal Kram No. NS/RKM/0523/004. The New Taxation Law abrogates the Law on Taxation, promulgated by Royal Kram No. NS/RK/0297/03, dated February 24, 1997 (“Former Taxation Law”), and the Law on Amendment to the Law on Taxation, promulgated by Royal Kram No. NS/RK/0303/010, dated March 31, 2003 ...
It is fair to say that one of most consistent complaints we hear from taxpayers regards the issues associated with applying and obtaining a Value Added Tax (VAT) refund in Cambodia. Until now the VAT refund process was a very lengthy process – sometimes taking years – and often subject to uncertainty and delays ...
Cambodia has signed a Double Taxation Agreement (“DTA“) with Malaysia on the 3rd of September 2019 during the visit of Malaysian Prime Minister Tun Dr Mahathir Mohamad to Phnom Penh. Under the DTA, double taxation will be avoided in that any tax paid in Cambodia by Malaysian companies in accordance with the DTA will be allowed as a credit against the tax payable in Malaysia on the same income, subject to the provisions of the tax laws of Malaysia ...
