Cambodia and Thailand have signed an agreement that protects each country’s nationals from dual taxation and aims to encourage bilateral investment and strengthen economic ties.

Finance Minister Aun Porn Moniroth and Thai Foreign Minister Don Pramudwinai signed the agreement in the capital in the presence of Prime Minister Hun Sen and Thai Prime Minister Prayut Chan-o-cha, who is on a state visit.

While full details have yet to be released, the agreement follows Cambodia’s aggressive push to shield investors from being onerously taxed twice on multinational operations, and to improve compliance with Asean standards.

In July, members of Cambodia’s General Department of Taxation met in Bangkok with their Thai counterparts to hammer out the draft during a two-day consultation workshop.

Excessive tax paid in a taxpayer’s home country will be deducted as exemptions or a tax credit.

Income tax levied on air transport will also be waived, while the taxing of dividends, interest, royalties and fees for technical services arising from capital assets will have to conform to agreed rates.

Clint O’Connell, head of tax practice for DFDL Cambodia, said that while this is the fourth dual taxation agreement that Cambodia has signed since May of last year, none has been ratified.

However, the Cambodian and Thai governments have been trying to push an agreement through for years and it has been seen as a priority issue given their geographic proximity and the volume of cross-border investment, he said. – Phnom Penh Post .

HNA makes conditional general offer for CWT

Chinese conglomerate HNA Group on Thursday made a conditional general offer for Singapore-listed logistics provider CWT, after tabling a preconditional offer in April.

The formal offer follows the satisfaction of certain preconditions earlier agreed upon, including the approval of HNA Holding Group’s shareholders and the receipt of certain antitrust approvals from China.

HNA is offering S$2.33 (Bt57.7) in cash for each CWT share, in a deal that values one of Singapore’s largest logistics groups at about S$1.4 billion.

CWT’s independent directors have appointed Ernst & Young Corporate Finance as the independent financial adviser to advise them on the offer. – The Straits Times.

Apex Equity sees 23% stake traded off-market

Malaysia’s Apex Equity Holdings saw 23 per cent of its paid-up traded off-market at midday yesterday at 2 ringgit (Bt15.8) each.

Stock market data showed that 49.77 million shares were crossed at 2 ringgit each, which was 21 sen or 11.7 per cent above Thursday’s closing price of 1.79 ringgit. At midday, the share price of the stockbroking company was up six sen to 1.85 ringgit.

In the second quarter ended June 30, its earnings rose 54 per cent to 3.84 million ringgit from 2.49 million ringgit a year ago.

In the first half, its earnings jumped 107 per cent to 8.35 million ringgit from 4.02 million ringgit in the previous corresponding period. – The Star

Mercedes, Auto Commerz invest in new dealership

Mercedes-Benz Malaysia Sdn Bhd (MBM) and its newest dealer partner, Auto Commerz Sdn Bhd, have announced a joint investment allocation of over 10 million ringgit in Malaysia in the next two years for the new dealership.

MBM president and chief executive officer Claus Weidner said the addition of a new dealer would enable the group to continue to strengthen its brand presence in the country.

“With the launch of this new Auto Commerz Autohaus (dealership), we maintain our claim as the largest premium dealer network in Malaysia with 32 Autohauses nationwide,” he said at the announcement of Auto Commerz as MBM dealer partner on Thursday.

Auto Commerz is part of the Swire Group, which boasts experience in handling the distribution of Mercedes-Benz brand in Taiwan.

“Leveraging on Swire Group’s international presence, industry knowledge and experience, we are confident that the Mercedes-Benz Auto Commerz dealership will further enhance customer experience in Malaysia,” Weidner said.

An interim facility of Mercedes-Benz Auto Commerz Authohaus was also launched on Thursday by Weidner and Auto Commerz dealer principal Eric Khoo at the same event. – Bernama