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The decision follows a request by the Textile, Apparel, Footwear and Travel Goods Association in Cambodia (TAFTAC) last October to the ministry of economy and finance to extend the suspension of advance income tax of enterprises in the textile and garment industry, according to Cambodian media reports.
The Cambodian government recently extended a suspension of advance income tax (IT) until the end of 2025 for eligible textile-related enterprises, several of which have been affected by a drop in orders due to global economic headwinds induced by the Ukraine-Russia war. The drop in export orders is expected to continue for the whole of this year.
At least some of the eligibility criteria are based on scale and scope of operations, sustainability and worker support, the ministry noted. It listed textiles, garments, bags, footwear and hats as possible items that can be produced by entities entitled to the tax break.
Fibre2Fashion News Desk (DS)
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