"The Belt and Road Initiative and cooperation in the Lancang-Mekong Subregion is expected to bridge the infrastructure gap and thus accelerate economic growth," said Kun Nhem, director of the General Department of Customs and Excise of Cambodia.
Meanwhile, Cambodia's General Department of Customs and Excise registered a 19.7 percent year-on-year growth in the Cambodia-China trade volume to $5.98 billion during the first half of 2022.
Companies in the pilot zones will enjoy support policies including exemption of value-added and excise taxes on retail exports and more favorable corporate tax rates.
Starting from next year and ending in 2027, the scheme will also include lower import duty and excise taxes, he said.
Chris Gubbey, CEO of LEVC, said he was delighted the treasury had brought forward the previously announced changes to the Vehicle Excise Duty in relation to green taxis.
On Jan 17 this year, surgeons at Huashan Hospital made an attempt to excise a basicranial tumor, bolstered by 5G mixed reality (MR) technology developed by a Shanghai-based startup.
It can also reform the excise tax and expand excise tax targets from tobacco, alcohol and automobiles to highly-polluting, intensive energy-consuming, or high-end service industries, such as high-end clubs and hotels, to move tax targets from the production side to the consumption side, and gradually decentralize tax power in regard to local areas and enrich local taxes.