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Cambodia: Tax income collection rises by 22 percent in Q1
The General Department of Taxation at the Ministry of Economy and Finance collected $1,263 million as tax income from the first three months of this year, a 22 percent increase compared to the same period last year.
The figures for the first
quarter were unveiled in a monthly meeting chaired by Director General Kong Vibol.
The first-quarter tax income covered 45 percent of the targeted income in 2022.
In March alone, the GDT collected $750 million in tax income, representing 26 percent of the total income targeted in 2022.
The main types of taxes collected by the General Department of Taxation during the period were
five – profit tax, VAT, salary tax, special tax, and property transfer tax, which maintained a significant increase compared to the same period in 2021.
The GDT said there are five factors that made the tax income successful.
Continuing to strengthen good governance and good administration, management of tax revenue through information technology systems, and the GDT’s mobile app helped the taxpayers pay taxes from anywhere.
The other two options for paying tax include partner commercial banks and consulting services.
Prime Minister Hun Sen said in March that the increasing tax income collection reflected the economic recovery from the pandemic.
The government resumed socio-economic activities last November after Cambodia had a high rate of vaccinated population.
The increase in revenue collection in March was largely due to the payment of corporate taxes from companies.
The Royal Government has set the 2022 revenue collection for the General Department of Taxation at more than 11,419 billion riels, or more than $2,819 million.
The General Department of Taxation will continue to strengthen the implementation of fiscal policy and administration measures, along with a number of key measures to implement the 2022 Financial Management Plan.
The General Department of Customs and Excises collected $512 million in tax income in the quarter this year, a 22.7 percent increase compared to the first quarter last year.
Source: https://www.khmertimeskh.com/501060747/tax-income-collection-rises-by-22-percent-in-q1/