- The US announced new trade agreements with Cambodia and Malaysia, and framework agreements with Thailand and Vietnam on October 26.
- The agreements mainly affect bilateral trade and customs duties, but also address other tax issues.
- Cambodia has a VAT, while Malaysia has sales and service taxes but no VAT.
- Cambodia and Malaysia agreed not to impose VATs that discriminate against US companies.
- There is debate over whether VAT regimes are discriminatory, with most tax specialists disagreeing with the US administration’s view; it remains to be seen if Cambodia will change its VAT system.
Source: kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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