Phnom penh: The Ministry of Commerce of the Kingdom of Cambodia has announced a policy to waive penalties for companies failing to file their annual declarations, limiting the penalty to the last one year. According to Agence Kampuchea Presse, the Ministry of Commerce has decided to implement this penalty-waiver policy, subject to specific conditions. Companies are required to pay the penalty for the annual declaration for the last year to the Ministry of Commerce within 60 working days from the date of the announcement. Additionally, companies must participate in the shareholder background check process to support anti-money laundering efforts. The Ministry emphasized that companies failing to comply with these conditions or not making the payment within the required timeframe will be classified as Inactive Companies. This classification may affect their business registration status and other rights under applicable laws and regulations. The Ministry of Commerce expressed confidence that this policy will strengthen the business environment in Cambodia. The initiative aims to improve the implementation of commercial laws and business registration procedures, thereby enhancing administrative efficiency and effectiveness. The Ministry also called upon all company directors and managers to cooperate in the timely implementation of the policy. Compliance will enable them to benefit from the penalty waiver and maintain the legal status of their enterprises in the business registry.