Date of publication: 21-09-2018
Category: Legal updates
On 2nd July 2018, the MLVT issued a Prakas on the procedure to maintain a financial record of a union or an employers association.
The Prakas provides definitions regarding a financial record and a financial book as follows:
The financial record is a list of record noting daily income and expenses.
The financial book is a list of record noting monthly income and expenses.
In addition, the Prakas provides that both the financial record and the financial book have to be written in the Khmer Language. However, in case of an annual international transaction, the record can be made both in English mentioning the foreign currency and in Khmer mentioning Cambodian Riel.
2. Obligations of unions and employers association
Moreover, the Prakas provides that unions or employers association have to keep available for 10 years the financial record and the financial book as well as to make an annual report, which contains information and financial situation of the working activities, to all their members and keep one copy for MLVT no later than the end of March of the following year.
3. Duration of each record
The exact duration of each record is 12 months counting from 1 January until 31 December of the same year. And it also applies for the new registration of a union or an employer association by counting from the date of registration till 31 December in the same year.