English
Cambodia: PM lauds March tax revenue increase to $1 billion
Prime Minister Hun Sen lauded the significant growth in revenue from tax and customs that reflected the increase in business activities due to the effective handling of the Covid-19 scenario.
Speaking at an inauguration ceremony of a maternity ward building at the National Pediatric Hospital in Phnom Penh yesterday, the Prime Minister said that the tax income in March increased to $1,000 million.
“In March, we received more than $1,000 million in tax revenue because March was a month of high tax payment, up from about $900 million in tax revenue for the same period last year,” the premier said.
Cambodia has two institutions responsible for collecting taxes.
One is the General Department of Taxation, which focuses on interior taxes such as income tax, salary tax, value-added tax, and property tax, and the other is the General Department of Customs and Excise, which collects taxes on goods entering and leaving the country.
Increasing tax incomes from all kinds of tax sources reflected Cambodia’s better economic situation in the post-Covid-19 period, he said.
He stated that the tax revenue will provide an opportunity for the government to invest in building roads and other key infrastructure and contribute to projects supported by development partners.
The Prime Minister also lauded income tax collectors for their efforts in collecting tax revenue that exceeded the budget plan in 2022, adding that the increased tax revenue contributed to the national economic development.
It is a new milestone for Cambodia and its people during such difficult times due to the Covid-19 pandemic, geo-political tensions, the Russian-Ukraine war, the imposition of tough foreign policies by a number of the world’s leading countries and the domino effect of the uncontrollable rise in the inflation rate, the premier said.
“This great accomplishment has played a vital role in supporting the national economic development and the livelihood of our Cambodian people during an unprecedented global economic crisis and uncertainties,” the Prime Minister said.
The Cambodian government made $6.1 billion in revenue from tax and customs in 2022, an increase of 20 percent compared to a year before.
The Asian Development Bank (ADB) has projected that Cambodia’s GDP growth is expected at 5.5 percent in 2023 and 6 percent in 2024.
Source: https://www.khmertimeskh.com/501276686/pm-lauds-march-tax-revenue-increase-to-1-billion/