Cambodia: GDT collects $2.43B in tax income in Jan-Aug

The General Department of Taxation (GDT) collected $2.43 billion as tax income in the January-August period of 2022, up 27.7 percent from $1.9 billion over the same period last year.

The figure was mentioned in a meeting between Seng Chea Sith, Director, Department of Legislation, Tax Policy and International Tax Cooperation and Alasdair Scott, the Washington-IMF’s mission chief for Cambodia, on Monday.

The GDT stated that January-August tax revenue represents
86.5 percent of the budget planned in 2022.

“Based on the achievement in August, the General Department of Taxation expects to achieve and exceed the plan set in the Financial Law for 2022 management,” it said.

Cambodia has two institutions responsible for collecting taxes.

One is the GDT, 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 (GDCE), which collects taxes on goods entering and leaving the country.

GDT’s director-general Kong Vibol said in a recent meeting that the growth in tax income reflected the efforts of GDT in collecting tax through strengthening good governance and facilitating tax payment via online platforms.

“Achievement of tax collection was due to strengthening the good governance and the implementation of measures, policies and fiscal administration,” Vibol said.

Prime Minister Hun Sen said recently that the incomes from all sources of taxes have increased, reflecting the recovery in internal socio-economic activities after the pandemic.

He said that the income of $500 million from all kinds of tax sources was still low compared to the pre-Covid-19 period, which was between $500 million and $700 million per month. But the income was better than the $400 income collected from taxes during the Covid-19 period.

Last year, the Ministry of Economy and Finance General Department of Taxation collected $2.781 billion in tax income, 24 percent more than the target.