top of page
Ancre 1

Economy & Restaurants: Arnaud Darc, "Transparency and tax compliance are vital in our sector"

On Thursday 29 February 2024, the Cambodia Restaurant Association (CRA) held a workshop-debate on taxation, accounting and auditing in the restaurant sector in Cambodia at the Olympia City Hotel. The morning-long event attracted some 70 participants, including officials, experts and restaurant owners.

In his opening remarks, Arnaud Darc, president of the association, stressed the importance of regulatory compliance for the restaurant sector
In his opening remarks, Arnaud Darc, president of the association, stressed the importance of regulatory compliance for the restaurant sector

Mr Darc began by sharing a recent anecdote involving his company: "Last year, Thalias - the company I have the privilege of managing - was faced with a compliance problem. Our efforts to renew and obtain Good Hygiene Practice certificates, which are the hallmark of our commitment to quality, came up against unexpected requirements. Although we had fulfilled our obligations and paid all the required fees, we were confronted with a request for 'additional fees', with no official invoice. This request was unethical and had a significant impact on our financial transparency and tax audit preparedness.

"In this moment of uncertainty, we defended our principles, insisting on the clarity and uprightness of the Ministry of Health. This ordeal has highlighted the complex balance we must maintain between operational excellence and regulatory compliance - a balance that is the lifeblood of our sector."

"I share this story with you because it reflects a universal truth in our field: mastering the understanding and navigation of tax laws, accounting standards and audit practices are critical to our collective success and integrity. I therefore invite you all to actively engage with our panelists, to challenge the complexities we face and to work together to find innovative solutions."

Nearly 70 participants for this CRA workshop
Nearly 70 participants for this CRA workshop

Mr Darc was followed by Mr Touch Cheakado, Head of the Small and Medium Taxpayers Department at the General Tax Department. Mr Cheakado stressed the need for companies in the sector to be compliant, pointing out that those who attempted to bypass their legal obligations, whether voluntarily or not, faced the risk of heavy fines, and even legal action in the worst cases. Mr Touch Cheakado pointed out, however, that his department was not there to punish, but to collect taxes, and that those who had difficulties comprehending could ask the department for help or go to their website - Facebook page - to contact them and report any difficulties.

The last point raised by the official was the need for those who outsource their accounting and tax statements to call in a registered expert, because "even if the taxpayer did not commit an error, it will be his responsibility at the end of the day, so it is important to call in certified experts".

The next speakers were Mr Seng Tola, Deputy Director General of the Accounting and Auditing Regulatory Authority, Mr Oknha KM Tan, Partner and Managing Director of Baker Tilly Cambodia and President of the Malaysian Chamber of Commerce in Cambodia, Mr Seng Tola, Deputy Director General of the Accounting and Auditing Regulatory Authority, and Ms Tep Panhary, Head of Financial Compliance for the Thalias Hospitality Group.

These three speakers provided a great deal of information on the tax scales, the timetable, the documents to be provided and, as everyone agreed, the need to maintain transparent, up-to-date and meticulous accounts.

The very informative presentations by the four panellists and the subsequent discussion enabled the 70 participants to familiarise themselves with tax laws, accounting standards and auditing practices. During the debate, moderator Anthony Galliano, CEO of Cambodian Investment Management Holding and a member of the CRA Board of Directors, expertly guided the discussion with a comprehensive approach to the topics.

Anthony Galliano, CEO of Cambodian Investment Management Holding and member of the CRA Board of Directors
Anthony Galliano, CEO of Cambodian Investment Management Holding and member of the CRA Board of Directors

The guests addressed a series of key topics:

  1. Importance of tax compliance: The importance of tax compliance in the foodservice sector and its impact on financial stability and legal obligations

  2. The role of accounting in the foodservice industry: Explaining the fundamental role of accounting in tracking financial transactions, managing costs and making informed decisions

  3. The significance of auditing: Discussing the importance of auditing in ensuring financial transparency, identifying risks and maintaining trust with stakeholders

Tax framework for restaurateurs in Cambodia

The panellists gave a detailed overview of the tax regulations applicable to restaurateurs in Cambodia, focusing on the main related obligations and compliance requirements. They also shared practical tax planning tips tailored to restaurant businesses, such as VAT management and optimising tax deductions.

Accounting practices in the restaurant sector

The discussion focused on effective financial management, covering essential accounting practices for restaurant operators, including keeping accurate financial records, managing cash flow and controlling costs. In addition, the benefits of using accounting software and tools to streamline financial processes and facilitate decision-making were highlighted.

Ensuring compliance through audit

The panellists stressed the importance of putting in place robust internal control systems to ensure compliance with accounting standards and regulatory requirements. In addition, the benefits of regular audits, such as identifying operational inefficiencies, detecting fraud and improving overall business performance, were discussed in depth.

The workshop proved to be a valuable experience for participants, providing them with practical information and essential concepts for navigating the intricacies of tax laws, accounting standards and auditing practices in the Kingdom's catering sector.


Comments


Merci pour votre envoi !

  • Instagram
  • Facebook Social Icône
  • Gazouillement
  • LinkedIn Social Icône

Accueil   Économie   Tourisme     Culture     Destination     Gastronomie     Sport   Environnement 

bottom of page