PHNOM PENH: Malaysia and Cambodia will sign a double taxation avoidance agreement during an official three-day visit by the Prime Minister Dr Mahathir Mohamad beginning tomorrow.
The signing of the agreement is one of the main items on Mahathir’s agenda.
Malaysian Ambassador to Cambodia Eldeen Husaini Mohd Hashim said Cambodia was the last of Asean member countries to sign a double-taxation agreement with Malaysia.
“The imposition of double taxation has somehow deterred Malaysian investors from coming to Cambodia. Now, more Malaysian companies can explore business and investment opportunities here,” he said.
In the first three months this year, 20 applications were made from Malaysian companies on business and investment opportunities in Cambodia, including a 2,000-room hotel project worth US$4 billion.
Mahathir will also witness the signing of the Malaysia-Cambodia tourism cooperation agreement.