ASEAN-UK YLI in JTIF Seminar 2: Deep Dive Series - Tax Developments for Economic Growth

On 29 April 2025, ASEAN-UK YLI team attend the Deep Dive Series - Tax Developments for Economic Growth, Seminar Two of the UK-Cambodia Joint Trade and Investment Forum (JTIF), at KPMG, GIA Tower, Phnom Penh, hosted by KPMG Cambodia and the BritCham in Cambodia.

The seminar were exchanged with international tax experts: Mr. Steven Solomon, Mr. Conrad Turley, Mr. Casey Barnett, Ms. Andrea Godfrey, General Department of Taxation's representative, HE Seng Cheaseth, and HE Dominic Williams, British Ambassador to Cambodia.

During the seminar, the key aspect focused on what the optimal system of tax could be to help Cambodia keep growing and attract various foreign investments and Southeast Asia region. HE Ambassador Dominic Williams, at the opening, raised three key points on why tax is important, the characteristics of taxation, and why tax is such an important topic for Cambodia. The GDT of Cambodia also informed the participants about 56 tax reform measures in 2024, aimed at improving the business environment and implementing a digital-first tax administration by 2028. These reforms are part of the Revenue Mobilization Strategy in the government's seventh mandate, aiming to modernize the revenue system, enhance efficiency, broaden the tax base, and ensure sustainable revenue growth to meet development needs and advance Cambodia.

At the panel discussion, an interesting question was raised about how Cambodia and the UK can work together to improve the situation after the fast sweeping of global tariffs. In response, HE Amb. Dominic highlighted that the British Embassy is already working with the Cambodian government to improve exports to the UK market. Cambodia is set to graduate from Least Developed Countries (LDC) status on December 19, 2029. Recognizing the potential economic impact, the UK has extended Cambodia’s membership in the Developing Countries Trade Scheme until 2032—three years beyond graduation, replaced the General Scheme of Preferences (GSP) since April 2023. At the same time, they are also working closely to help Cambodia export more goods to the UK market. Casey also raised that the supporting awareness of this topic still remains significant and should be enhanced to provide more understanding to both public and private sectors.