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Cambodia: GDT collected $2.7B in tax revenue in 2021
The Minister of Economy and Finance’s General Department of Taxation (GDT) collected 11.402100 trillion riel ($2.781 billion) in tax revenue in 2021, 24% more than the plan of $538 million. However, this revenue is slightly less when compared to the same period of year 2020 with total revenue of about $2.87 billion in tax revenue.
Kong Vibol, Director General of the General Department of Taxation, explained the strategic plan and implementation of some important programmes that made the tax collection in 2021. He said that the result of tax revenue in 2021 is due to the control of the situation of Covid-19 disease and effective strategic measures taken to vaccinate the Cambodian people.
Speaking at a meeting on tax collection, Aun Pornmoniroth, Minister of Economy and Finance said the government pays close attention to the management of tax revenue, always guided by wise guidance and sharp planning on the implementation of reforms and strategic measures which promotes fiscal compliance and ensures fair competition among the investment environment.
For the year 2022, the General Department of Taxation has set out the following important measures and strategies: Continue to strengthen the implementation of necessary measures as set out in the revenue collection strategy 2019-2023.
Hong Vanak, director of International Economics at the Royal Academy of Cambodia, told Khmer Times, “Tax sector plays a key role for national revenue that promotes strong economic growth. The government has enough budgets for current expenditure and public investment. From year to year, revenue growth from the tax sector has been on a steady incline for the last decade. But in 2020 and 2021, when Covid 19 was at its peak, there was a slightly change in revenue.
Source: https://www.khmertimeskh.com/501015758/gdt-collected-2-7b-in-tax-revenue-in-2021/