Making the most of an inheritance
What do you do if you receive an inheritance?
Paul Dodd takes a look at the what to do, and what to avoid, when receiving any kind of financial windfall.
Investing inheritance money wisely can help secure your financial future
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Safe, secure, flexible banking with an international account
I am sure some of you will have been concerned at the scenes outside banks and ATM machines over recent days. Crowds of people desperate to withdraw their cash are always guaranteed to
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ABA Bank boosts registered capital, red-hot growth set to continue
ABA BANK has increased its registered capital to US$36 million to comply with new National Bank of Cambodia (NBC) minimum capital requirements due to come into force at the end of the year. Chief Executive Officer Madi Akmambet said the additional capital came from shareholders and gave ABA a strong financial base from which to build on its rapid growth over the last couple of years.
“The new capital injection means we are extremely well placed to continue with our bold expansion strategy,” he said.
ABA has invested around $4 million over the last three years to expand
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Plan to force reporting of foreign accounts
Finance Ministry will require all residents, including expats, to register deposits overseas next year
Foreigners staying in Korea for over one year will have to report any bank accounts they hold outside Korea to local authorities beginning next year, according to the Ministry of Strategy and Finance yesterday.
Businesses based overseas that operate in Korea may be required to do the same, the ministry said.
In its 2010 policy guide submitted to President Lee Myung-bak, the ministry said overseas bank accounts would have to be reported for every resident in Korea. The local tax law defines a resident as anyone who lives in Korea for more than one year, regardless of nationality.
A Parliamentarian Asked the Minister of Labor to Clarify Questions at the National Assembly
The Mirror, Vol. 14, No. 676
“Phnom Penh: An opposition party parliamentarian asked the Minister of Labor, Mr. Vong Soth, to clarify questions at the session of the National Assembly on 12 August 2010, regarding the demand for a salary increase of workers and employees.
The British Ambassador Announced the Amount of Aid Promised for the Development of Cambodia
The Mirror, Vol. 14, No. 670
“The British Embassy to Cambodia said that within the amount of US$1.1 billion aid that the government receives from donors for 2010, the British government will provide £21 million to support development plans in Cambodia.
“The spokesperson of the British Ambassador to Cambodia, Mr. Neng Vannak, wrote in an email on 22 June 2010 that the amount of aid that the British government plans to provide to Cambodia is about £21 million, approximately US$33 million.
Cambodia Wants the USA to Support Cambodia’s Candidacy as a Non-Permanent Member of the United Nations Security Council
The Mirror, Vol. 14, No. 651
“Cambodia has requested the United States of America to support the candidacy of Cambodia to become a non-permanent member of the United Nations Security Council.
“During a meeting between the Minister of Foreign Affairs and International Cooperation, Mr. How Namhong, and [the US Deputy Assistant Secretary of State and US Ambassador to ASEAN] Mr. Scot Marciel at the Ministry of Foreign Affairs in the morning of 9 February 2010, Mr. Hor Namhong requested the USA, through Mr. Scot Marciel, to support Cambodia’s candidacy as a non-permanent member of the UN Security Council for 2013 and 2014.
Three US Parliamentarians Come to Cambodia to Talk about Debt and Commercial Ties
The Mirror, Vol. 14, No. 646
“Three US congressmen plan to visit Cambodia for three days, according to a Voice of America (VOA) broadcast in the morning of 5 January 2010, based on information from the Khmer ambassador to the United States, Mr. Hem Heng.
“But officials of the US Embassy in Phnom Penh told Khmer Machas Srok in the evening of 5 January 2010 that the three US congressmen will arrive in Cambodian in the evening of 5 January 2010, landing in Siem Reap first, before coming to Phnom Penh.
The Government Explains Land and House Taxes and the Road Taxes' Increase
"Phnom Penh: Government officials and parliamentarians from the Cambodian People's Party explained in detail the regulations for setting of taxes on land and houses, and the increase of road taxes in 2010. This decision is part of the decisions for the national budget for 2010 which the National Assembly discussed and approved on Monday 30 November 2009.
"Defending the national budget draft for 2010, officially known as a financial management law for 2010, during the parliament session on Monday morning, the Minister of Economy and Finance, Deputy Prime Minister Keat Chhon, said that the increase of road taxes and the collection of taxes for real estate including land, houses, buildings, and constructions are a measure to seek additional income while Cambodia is encountering an economic and financial crisis.
Considering Public Financial Resources
This Saturday, we reported: "According to a recent notification from the Council of Ministers, the Royal Government decided to suspend all promotions for government positions in 2010. If a promotion in any position is planned, it has to wait until 2011." That was even more surprising than another report which the Mirror carried on 10.11.2009: "The Government Cuts Salaries of Advisers" - which, in a way, was only the correction of a violation of common sense (and economic justice): Why should only some public servants, employed full time, get a second salary for an additional function as adviser, a task to be adhered to during working hours which are already covered by another salary? But such double, or even multiple payments for some persons, seem to have gone on for years. In many other countries, the Auditor General – being an independent position without special loyalties – might have intervened many years ago.