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Cambodia: Kingdom hops on BRI digital taxation wagon
Cambodia is committed to harnessing digitalisation for better coordination in tax administration, as a jurisdiction that subscribes to China’s Belt and Road Initiative (BRI), according to a General Department of Taxation (GDT) press release issued on September 12.
The vow was made days after the Kingdom took part in the 2nd Belt and Road Initiative Tax Administration Cooperation Forum (Britacom), held online from September 7-9 under the theme “Digitalisation of Tax Administration”.
GDT Department of Law, Tax Policy, and International Tax Cooperation director Seng Chea Sith, who attended the Britacom, noted in the press release that the forum sketched out a blueprint for stronger multilateral cooperation among BRI participant countries.
The event also focused on approaches to effectively enhance capacity building for the digitalisation of each country’s tax administration in the information technology era, he said.
He listed the four main topics on the agenda as – “Tax Administration Digitalisation”, “Tax Service Digitalisation”, “New Technologies in Taxation” and “Tax-Related Data Governance”.
Chinese State Taxation Administration (STA) head and Britacom chairman Wang Jun said in the opening remarks that the forum has made “significant contributions” to global cooperation in the fight against the spread of Covid-19 and the revival of the world economy.
The first iteration of the Britacom was held two years ago in Wuzhen town of the Chinese province of Zhejiang. The 2019-2021 Wuzhen Action Plan “was adopted subsequently, providing a two-year roadmap as a first step to attain the longer-term goals of the Britacom”, the STA said in a statement.
The GDT went on to say that all objectives set out in the Wuzhen plan have been fulfilled within the agreed timeframe with “top-notch results”, adding that the 2022-2024 Nul-Sultan Action Plan was approved at this year’s forum, and that Algeria would host the third edition of the event.
The finance ministry agency collected $1.51590 billion in taxes in the first half of 2021, down 10.60 per cent from the same period last year.
This represents 67.58 per cent of the $2.24307 billion target set by the Law on Financial Management for 2021, according to the GDT.
Source: https://www.phnompenhpost.com/business/kingdom-hops-bri-digital-taxation-wagon