Kammekor wrote: ↑Fri Apr 15, 2022 12:58 am

Kenr wrote: ↑Fri Apr 15, 2022 12:18 am From what I just read interest paid on a savings account is taxed at 4% for a resident.

From what I just read in my app it isn't.

That is for term deposits, not savings accounts.

Kenr wrote: ↑Fri Apr 15, 2022 1:07 am
That is for term deposits, not savings accounts.

All the interest rates mentioned in this thread are for 1y term deposits.

Here's my savings account:


14% as well

Kammekor wrote: ↑Fri Apr 15, 2022 2:38 am

Kenr wrote: ↑Fri Apr 15, 2022 1:07 am
That is for term deposits, not savings accounts.

All the interest rates mentioned in this thread are for 1y term deposits.

Here's my savings account:


14% as well

My 4% quote was for residents.

So far, I have paid the resident tax rate of 6% on my one year deposits (at two different banks). The tax is automatically deducted by the bank from the interest payments.
AFAIK, the non-resident tax rate on bank interest is 14%.

This document also states these rates:
https://home.kpmg/content/dam/kpmg/kh/p ... beyond.pdf

"A person is a resident of Cambodia if the person is “domiciled in” or has a “principal place of abode” in Cambodia, or the person is present
in Cambodia for more than 182 days in the current tax year."

Perhaps some banks standard procedure is to consider all foreigners as non-residents. If you are a resident, I would go back and try to have the status changed.

Kenr wrote: ↑Fri Apr 15, 2022 3:04 am

Kammekor wrote: ↑Fri Apr 15, 2022 2:38 am

Kenr wrote: ↑Fri Apr 15, 2022 1:07 am
That is for term deposits, not savings accounts.

All the interest rates mentioned in this thread are for 1y term deposits.

Here's my savings account:


14% as well

My 4% quote was for residents.

The account is a joint account for me (resident) and my wife (Cambodian, resident for sure). I will check this with ACLEDA when I am back in the country.

Doc67 wrote: ↑Fri Apr 15, 2022 12:52 pm

Kammekor wrote: ↑Fri Apr 15, 2022 2:38 am

Kenr wrote: ↑Fri Apr 15, 2022 1:07 am
That is for term deposits, not savings accounts.

All the interest rates mentioned in this thread are for 1y term deposits.

Here's my savings account:


14% as well

I have TD with Prassac. The rate of tax for resident is 6%, not 4%. I had to go to my sangkat and register with them. I had to show my lease and the guy from Prasac had to come to my apartment to check I lived there! Then he confirmed with the sangkat that I did, they checked the lease. After about an hour and 5 x $5 notes being passed from desk to desk, I got a piece of paper that enabled Prasac to class me as a resident. If you want to see it I'll PM it to you, but I'm sure it's nothing special, just a proof of residence.

That’s just weird.

Doc67 wrote: ↑Fri Apr 15, 2022 1:42 pm

mannanman wrote: ↑Fri Apr 15, 2022 1:33 pm

Doc67 wrote: ↑Fri Apr 15, 2022 12:52 pm

Kammekor wrote: ↑Fri Apr 15, 2022 2:38 am

Kenr wrote: ↑Fri Apr 15, 2022 1:07 am
That is for term deposits, not savings accounts.

All the interest rates mentioned in this thread are for 1y term deposits.

Here's my savings account:


14% as well

I have TD with Prassac. The rate of tax for resident is 6%, not 4%. I had to go to my sangkat and register with them. I had to show my lease and the guy from Prasac had to come to my apartment to check I lived there! Then he confirmed with the sangkat that I did, they checked the lease. After about an hour and 5 x $5 notes being passed from desk to desk, I got a piece of paper that enabled Prasac to class me as a resident. If you want to see it I'll PM it to you, but I'm sure it's nothing special, just a proof of residence.

That’s just weird.

That's not weird, Prasac were very keen to take my money and one of their staff knew exactly what to do and sorted it out with the Sangkat the same day, including explaining about the 5 x $5 tea money to get it done that day, instead of waiting for weeks.

You want to hear weird? He texted me for about 2 weeks afterwards asking me if I was doing ok and generally behaving like he was my new best friend. That was the weird part!

And I was thinking that the FPCS came into place covering the expats residential situation.
I have had problems in the past with the Sangkat, I could not pass the multiple $5 around the desks until I paid $100 at the police station.
By the way did you pay your new friend?