Tax Chiefs of S. Korea, Cambodia Agree to Expand Cooperation

SEJONG, Jan. 8 (Yonhap) — The heads of South Korean and Cambodian tax agencies agreed Tuesday to foster ties that can further boost bilateral trade and investment.

The understanding was reached at a meeting between South Korea’s National Tax Service Commissioner Han Sung-hee and his Cambodian counterpart Kong Vibol at the NTS office in central Seoul, according to the NTS.

Han asked Kong to provide assistance in tax administration to South Korean companies operating in the Southeast Asian country.

The NTS said it will begin a two-day training program on Wednesday for a Cambodian delegation on how to improve electronic tax administration for South Korean firms in Cambodia.

In November, Cambodia’s tax agency held a session to explain its tax system to South Korean firms.

More than 900 South Korean firms operate in Cambodia, and their combined investments since 1968 reached US$2.67 billion as of September last year, according to the data compiled by the Export-Import Bank of Korea.

The trade volume stood at $890 million in 2018, compared with $750 million in 2013, according to the Korea International Trade Association. https://en.yna.co.kr/view/AEN20190108009500320?section=economy/economy