Skip to main content

New government e-invoicing system aims to boost digital economy

 

The Ministry of Economy and Finance of Cambodia has introduced the "Cambodia E-Invoicing System" in a soft launch. This digital platform, developed by the General Department of Digital Economy (GDDE), enables the exchange, validation, and transfer of electronic invoices, eliminating paper-based invoicing.

The system aims to modernize public financial management, enhance tax compliance, and align with the Cambodia Digital Economy and Society Policy Framework 2021-2035. It supports the nation’s Public Financial Management Reform Program Phase 4 and prepares businesses for integration into the ASEAN Digital Economy. Key benefits include increased transparency, reduced risks like fraud and tax evasion, and cost savings of up to 90% for businesses.

Features include real-time tax data verification, seamless ERP integration, enhanced record-keeping, and scalability for business growth. Registration for businesses and tax representatives began on December 12, encouraging participation from businesses of all sizes to ensure a smooth transition and improved efficiency in the financial system. (Summarized by ChatGpt)

Full article

Comments

Post a Comment

Popular posts from this blog

NBC report strong uptake of Bakong digital transfer system

  The National Bank of Cambodia (NBC) reported a surge in the use of its Bakong digital payment system in 2024, with over 600 million transactions recorded. Payments in Cambodian riel saw a 334% increase (299 million transactions), while those in US dollars grew by 133% (308 million transactions). The total transaction value reached $150.8 billion , equivalent to 330% of Cambodia’s GDP . The Bakong system , introduced in October 2020 , has significantly improved transaction efficiency, supporting government services , tax collection , and public payments . NBC Governor Chea Serey highlighted its role in boosting economic participation, enhancing cross-border transactions, and supporting Cambodia’s Digital Government Policy (2022-2035) . The system, now used by 69 financial institutions , saw 642,500 new users in 2024 , a 7% increase from 2023 . The number of bank and e-wallet accounts capable of Bakong transactions reached 30 million , exceeding Cambodia’s population by 1.6...
Post a Comment
Read more

Cambodia, Malaysia launch phase 2 of cross-border QR payment system

Read full article The National Bank of Cambodia (NBC) and Bank Negara Malaysia (BNM) officially launched Phase 2 of their cross-border QR payment system on April 8 , aiming to improve digital payment options for citizens of both countries. The launch took place during the ASEAN Finance Ministers’ and Central Bank Governors’ Meetings in Kuala Lumpur. The system enables Malaysians to scan Cambodian QR codes using their mobile banking apps , and vice versa for Cambodians in Malaysia , promoting faster and more convenient payments . Over seven million local merchants in both countries stand to benefit from increased cross-border transactions. NBC Governor Chea Serey highlighted three major impacts: Tourism – frictionless payments for travelers, Financial inclusion – connecting SMEs and individuals to wider markets, Regional integration – contributing to ASEAN’s digital connectivity goals. BNM Governor Dato’ Seri Abdul Rasheed Ghaffour emphasized that the initiative a...
Post a Comment
Read more

NBC ink MoU for Japanese cross-border QR payments

  The National Bank of Cambodia (NBC) and the Payments Japan Association (PJA) signed a memorandum of understanding (MoU) to establish cross-border QR code payments between Cambodia’s KHQR and Japan’s JPQR systems. The cooperation will happen in two phases: Phase 1: Cambodians using local banking apps can scan JPQR codes in Japan. Phase 2: Japanese nationals can scan KHQR codes in Cambodia. ACLEDA Bank and Sathapana Bank are Cambodia’s liaison banks, while NETSTARS is the QR operator on Japan’s side. The initiative aims to: Simplify and secure cross-border payments, Boost tourism and reduce the need for cash exchanges, Support businesses with faster and more efficient transactions, Strengthen trade, investment, and economic ties between the two countries. The agreement builds on a broader cooperation framework signed between Cambodia and Japan in December 2023 . Phase 1 of the system will launch in early 2025 , aligned with the Osaka-Kansai Expo , wit...
Post a Comment
Read more