Home » Tax Collection Has Increased By 28% To $1,726 Million

Tax Collection Has Increased By 28% To $1,726 Million

by Surya Narayan
0 comment

According to an official statement Cambodia collected $1,726 million in tax revenue from January to May this year, a 27.95 percent growth over the same time last year.

Director-general of the General Department of Taxation Kong Vibol said in a statement that the increase in tax revenue collection was due to ongoing reforms in the tax sector.

“We also managed to meet 61.25 percent of our 2022 target,” Vibol said.

The General Department of Taxation (GDT) collected $255 million in tax collections in May alone, representing 7.98 percent of its target for 2022, as per statement.

This year, the government expects to earn $2,819.94 million in tax income.

The kingdom’s tax collection is handled by two institutions. The GDT, for example, is concerned with interior taxes such as income tax, salary tax, value-added tax, and property tax.

The General Department of Customs and Excise (GDCE) is the other, and it is in charge of collecting taxes on goods entering and leaving the country.

The General Department of Taxation under the Ministry of Economy and Finance collected 11.402100 trillion riels (about $2.781 billion) in tax revenue last year, which was 24% higher than the target.

Source: The Phnompenh Post

You may also like

Leave a Comment

Explore The Better Cambodia

A vibrant media hub focusing on Cambodia’s remarkable successes and heartening stories. Stay connected to the nation’s progress and be inspired by its promising future.

Newsletter

Sign up for The Better Cambodia's newsletter to receive the latest articles and stories. Stay informed and inspired with our positive content!

Latest News

Copyright © 2023 The Better Cambodia. All rights reserved.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00