Cambodia’s much-anticipated Competition Law (“Law”) was signed into law by the King on 5 October 2021.
The purposes of this law are to encourage fair business relations, promote economic efficiency and the establishment of new businesses, protect the national economy from harmful anti-competitive behavior; and assist consumers to obtain goods and services of higher quality at lower prices and with greater variety and greater choice.
UNLAWFUL ACTIVITIES WHICH PREVENT, RESTRICT OR DISTORT COMPETITION
Agreements which prevent, restrict or distort competition
Persons are prohibited from making and implementing a Horizontal Agreement that directly or indirectly affects competition by:
Persons are prohibited from making and implementing a Vertical Agreement which directly or indirectly requires a purchaser to resell purchased goods or services at a minimum price set by the seller or which requires a purchaser to accept any conditions of this kind set by the seller.
Persons are prohibited from making and implementing a Vertical Agreement which has or could have the object or effect of significantly preventing, restricting or distorting competition in a Market by:
Abuse of a Dominant Position in a Market
The activities listed below shall be unlawful if undertaken by a Person or Persons with a Dominant Position in a Market and such activities have the object or effect of significantly preventing, restricting or distorting competition in a Market:
Any Business Combination which has or may have the effect of significantly preventing, restricting or distorting competition in a Market shall be unlawful.
Any Agreement or activity (agreements which prevent, restrict or distort competition, abuse of a dominant position in a market, business combination) may be exempted, if the Agreement or activity fulfils the following requirements:
Persons who violate agreements which prevent, restrict or distort competition, abuse of a dominant position in a market, business combination shall be subject to a written warning and a fine imposed by the Competition Commission of Cambodia of 3% to 10% of the total turnover of the person obtained during the period when the violation occurred and not more than 3 (three) years.
In case of receiving a written warning and a fine once and continue to commit the offense as the first paragraph of this article shall be suspended, revoked or removed the certificate of business registration, license or license. Service business.
Advance Grand Formula Co., Ltd is licensed audit firm from Accounting and Auditing Regulator (ACAR Decision N0. 014), member audit firm of Kampuchea Institute of Certified Public Accountants and Auditors (license number C-00085) and tax agent from General Department of Taxation (license number TA202204002).
This Publication is intended for general guidance only and should not form the basic of specific decisions.
Should you need any further information or support, please contact us at: email@example.com (accounting), firstname.lastname@example.org (audit), email@example.com (tax) and number and telegram 085 36 8888 and 070 399 888.