PHNOM PENH, Nov. 4 (Xinhua) -- The Cambodian parliament on Monday ratified an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income that the country had signed with China's Hong Kong Special Administrative Region (HKSAR).
Ruling Cambodian People's Party's 110 lawmakers unanimously ratified the pact that Cambodia signed with HKSAR in June 2019.
Minister of Economy and Finance Aun Pornmoniroth said the Cambodian parliament had ratified this kind of agreement with Singapore, China, Brunei, Thailand, Vietnam and Indonesia.
"The pact will attract and facilitate international investment and trade and prevent fiscal evasion with respect to taxes on income," he told the parliament.
Cheam Yeap, chairman of the parliament's commission on economy, finance, banking and audit, said the agreement was crucial to promoting bilateral investment and trade, capital flow, sharing of technology and expertise, tax certainty, and avoidance of double taxation.
"It's a legal instrument that will help attract more foreign companies to Cambodia through tax incentives," he said.