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Cambodia: GDT to declutter complex tax laws; to make it simple, orderly
The draft law on taxation is designed to compile a number of confusing tax laws and regulations and respond to the international practice of integrating Cambodia’s economy in the region and the world in accordance with the development of the national and international economic society
The General Department of Taxation (GDT) is drafting the law on tax aimed to compile a number of confusing tax laws and regulations and respond to the international practice of integrating Cambodia’s economy in the region.
GDT director-general Kong Vibol chaired the inter-ministerial meeting held last Friday to review and discuss the draft law on tax with participants from leaders and officials of representatives of relevant ministries and institutions.
The draft law on taxation is designed to compile a number of confusing tax laws and regulations and respond to the international practice of integrating Cambodia’s economy in the region and the world in accordance with the development of the national and international economic society, Vibol said.
The draft law on taxation is prepared for the purpose of compiling some messy tax laws and regulations which were developed for almost four decades to be consistent and ensure that the implementation is smoother and easier to study and understand, he said.
“The recompiling aims to respond to the international practice of integrating Cambodia’s economy in the region and the world in line with the development of society, national and international economy, and the advancement of information technology in the digital time,” Vibol said.
The General Department of Taxation earned $2.78 billion in 2021, 24 percent higher than the self-imposed target.
Bringing the COVID-19 situation under control, which in turn led to the reopening of the economic and social activities, are the factors behind the tax income performance, Vibol said.
“Particularly, fully and effectively manage the COVID-19 situation by taking strategic measures to vaccinate the Cambodian people in a proactive and timely manner, built resilient communities to the pandemic and led to the nation’s economic recovery,” Vibol said.
Source: https://www.khmertimeskh.com/501007943/gdt-to-declutter-complex-tax-laws-to-make-it-simple-orderly/