Cambodia announces tax cuts to counter virus and EU tariffs

Visitor numbers falling and apparel sector running out of stock.

Cambodia’s Prime Minister Hun Sen has unveiled a suite of measures, including tax cuts, aimed at mitigating the double economic blow of the new coronavirus and looming new European Union tariffs.

In a speech on Monday, the longtime leader said Covid-19 had dealt a blow to the country’s tourism and apparel sectors. Cambodia is set for a 60% drop in visitors in February, with Chinese visitors down 90%, he said.

The country’s apparel sector, meanwhile, is largely dependent on China for raw materials and is on the verge of running out of stock.

In full: https://asia.nikkei.com/Economy/Cambodia-announces-tax-cuts-to-counter-virus-and-EU-tariffs

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