Cambodian Investment Management - Insurance Agent

18/10/2021

Our Chairman Anthony Galliano was quoted in the Khmer Times on the recent relaxation of quarantine restrictions by the Royal Government.

AmCham Cambodia in Cambodia (AmCham)​ President Anthony Galliano told the Khmer Times that the business community has been eagerly awaiting and incessantly lobbying for any progressive step to gradually and safely reopen the country, and as a consequence, parts of the economy impacted by its closure.

He said this is a pivotal first move by the government that is extremely well prepared with great consideration for different categories and aspects of travellers, both inbound and out.

Galliano said while he expected there was hope for greater relaxation of restrictions, this opening gambit should be embraced and welcomed as the country needs to cautiously, and with minimum risk, pilot any opening programme to ensure the safety of the population, given past experiences that with less controls were catastrophic.

“I can assure you we are already receiving substantial indication international business travellers are satisfied with the result and are making plans to visit the Kingdom later this month as a result of the partial lifting of restrictions,” he said. “Therefore it appears the relaxation has been received very positively by the international business community, at least from our sampling. Now we hope to see the infrastructure, in terms of flights and hotel availability, is made available to meet escalating demand.”

“There is clear bias given to business travelers with priority given to spurring the economy, continuation of stalled projects, and to stimulate faltering Foreign Direct Investment,” he noted.

Despite relaxed quarantine measures, the number of scheduled flight into Cambodia remains extremely low.

25/09/2021

Our Chairman Anthony Galliano gave this presentation to CamEd students on the Insurance Industry, insurance products, the roles of brokers and agents, and the current and expected growth in the market in Cambodia.

Presentation on Insurance in Cambodia. Terminology of Insurance contracts. Roles of Agents and Brokers. Size of insurance industry worldwide and in Cambodia…

01/07/2021

03/02/2021

Get your instant quote now by clicking http://www.cim.insure

03/01/2021

Our Chairman Anthony Galliano was quoted in this article in the The Phnom Penh Post, on rising private debt, the risks to the economy and the banking system., especially during the pandemic.
True to form, such detrimental disturbances can lead to redundancies, bankruptcies, loan losses, a sharp reduction in non-compulsory consumer spending, and postponement of investments, said Anthony Galliano, CEO of Cambodian Investment Management

“Unfortunately, Cambodia is experiencing one of the greatest risks of a highly leveraged economy, and a negative economic shock,” he said.

The articles is excellent piece and well written as usual by Sangeetha Amarthalingam

Although Cambodia’s economic growth has been somewhat underpinned by strong credit growth, it is starting to worry experts as the pandemic prolongs

03/01/2021

December 28th, 2020

Our Chairman Anthony Galliano was quoted in the The Phnom Penh Post on Cambodia's integration into the ASEAN Single Window (ASW). Cambodian importers and exporters can now apply for ASEAN Customs Declaration Documents (ACDD) electronically through the ASEAN Single Window (ASW)

Anthony Galliano, the group CEO of financial services firm Cambodian Investment Management said "Cambodia can take advantage of this secure IT architecture and legal framework that will allow trade, transport and commercial data to be exchanged electronically among government agencies and the trading community,”

Cambodian importers and exporters can now apply for ASEAN Customs Declaration Documents (ACDD) electronically through the ASEAN Single Window (ASW), the General Department of Customs and Excise of Cambodia (GDCE) said on December 24.

03/01/2021

Our Chairman Anthony Galliano toured the new Hyatt Regency Phnom Penh hosted by General Manager, Herman Kemp. What an amazing property, maintaining the colonial building and at the same time extending it with all the superb comforts and luxuries of a truly 5 star hotel. Incredibly classy with great restaurants, bars, pool, spa, and fitness center to come. January 6th is the opening date, and worth a visit to eat and drink in pure luxury.

03/01/2021

December 25th, 2020

Our Chairman of Anthony Galliano, was quoted in this article in the Khmer Times on the stamp duty tax exemption deadline for property worth less than $70,000 from January to December 2021. He stated that the extension will benefit the fragile property sector and especially the affordable housing space. With expectations for the economy to recover in mid-2021, there is light at the end of the tunnel and tax revenues can suffer short-term to ensure economic stability in the long term.

Gov't to extend stamp duty tax exemption deadline for property worth below $70,000.

03/01/2021

December 17th, 2020

Our Chairman Anthony Galliano was quoted in this article in The Phnom Penh Post on the government's initiative to collect corporate income taxes from businesses based on their virtual economic presence in the Kingdom.

He said online businesses are rapidly growing on the backs of internet adoption and the digitalisation of retail shopping.
Close to two billion people purchased goods or services online last year, with sales over $3.5 trillion worldwide. Online sales will reach $4 trillion this year. In the last five years, global e-commerce share of total global retail sales have doubled, from 8.6 per cent in 2016 to 16.1 per cent this year, he said.

Cambodians are also increasing shopping online, and e-commerce entrepreneurs – local and foreign – are sprouting up daily, touting everything from healthcare products, cosmetics, jewellery, clothing and more, he said.

“Most of these businesses are not registered, and not only benefit from low fixed costs, but also avoid core taxes such as VAT [value-added tax], salary tax and profit tax.

Tax avoidance should not be part of the business model, just because the business is online, and therefore initiatives taken to rightly collect tax, should not curb market growth.

Minister of Posts and Telecommunications Chea Vandeth told international digital tech giants that the government will soon collect corporate income taxes from businesses based on their virtual economic presence in the Kingdom.

03/01/2021

December 15th, 2020

Our Chairman Anthony Galliano contributed and was quoted in the Khmer Times on the prospects for the Kingdom's 2021 economy.
The American Chamber of Commerce in Cambodia (AmCham Cambodia) President Anthony Galliano said that from an economic contraction of approximately 5 percent, he expects a rebound in 2021 into positive territory, with a slow start to the year culminating in a strong finish in the second half of the year.

Hope that the year 2021 will bring scope for economic improvement.

03/01/2021

December 14th, 2020

Our Chairman Anthony Galliano contributed and was quoted in this article in the The Phnom Penh Post on the launch of the E-Filing system and retirement of the E-VAT system. E-Filing catapults the tax system in the Kingdom into the digital universe, eliminating trips to the branches and a tomes of paper exchanging hands. With the USD 100 fee per taxpayer, downloads are now possible from accounting systems and spreadsheets, no longer requiring double keying, an increase in productivity for all parties. A great achievement by the អគ្គនាយកដ្ឋានពន្ធដារ General Department of Taxation

The Ministry of Economy and Finance’s General Department of Taxation (GDT) on December 11 announced that it will terminate the electronic value added tax refund system (E-VAT Refund System) on January 1.

03/01/2021

December 11th, 2020

Our Chairman, Anthony Galliano ,was quoted in this article on the Khmer Times on the FTA with China and U.S./Cambodia bilateral trade.

He noted the United States is the single largest importing country of goods from the Kingdom and therefore it is a very critical and strategic trading relationship. Galliano said Cambodia benefits greatly from the Generalised System of Preferences (GSP) with the US, which, although not being a trade agreement, entitles it to benefits such as duty-free or tariff reductions on its exports sent there.

“The bilateral trade relationship with the US in 2019 surged to $6 billion, with Cambodia having a huge trade surplus of $5.5 billion. Trade with China is $8 billion, but China benefits from a trade surplus of $6 billion,” he added.

Author: Sok Chan

In fewer than 20 days the Cambodia-China Free-Trade Agreement comes into force.