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Cambodia: GDT announces increase in tax revenue while Customs Departments announces decrease for 1st quarter with garments logging $2.5 billion in exports
The General Department of Customs and Excise in the first three months of 2021 collected a total revenue of more than 2,489 billion riels, equivalent to more than $614 million, compared to the same period in 2020.
This marks a decrease of more than 15 percent.
According to the report of the General Department of Customs and Excise, presented at the meeting to review the work of Customs and Excise in March and the first quarter of 2021, revenue collection in March last year saw more than 855 billion riels collected, equivalent to more than $211 million, a decrease of more than 4 percent compared to March 2020.
Related to this revenue, according to the type of tax and duty, it can be seen that the value added tax is more than 930 billion riels, which is about 37% of the total revenue, special tax 958 billion riels equal to more than 38% of the total revenue, tax Customs amounted to more than 443 billion riels, equivalent to nearly 17% of total revenue, value added tax on petroleum products more than 106 billion riels, equivalent to more than 4% of total revenue, and export duties and other fees amounted to 51 billion riels.
Compared to the same period in the first quarter of 2021, garment exports amounted to more than $2.5 billion, down $145 million, but up by more than 5 percent from the same period in 2020.
Exports of non-garment investment products such as bicycles, wiring, auto parts and other industrial products amounted to more than $887 million, an increase of more than $300 million, equivalent to more than 52% growth.
The positive garment sector outlook reflects the results of the implementation of the Royal Government’s policy on industrial diversification in Cambodia. Exports of agricultural products in the same period totaled more than $1 billion US dollars, an increase of more than $418 million, accounting for more than 70 percent, including rice, rubber and other agricultural products.
Source: https://www.khmertimeskh.com/50863823/gdt-announces-increase-in-tax-revenue-while-customs-departments-announces-decrease-for-1st-quarter-with-garments-logging-2-5-billion-in-exports/