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