The General Department of Taxation (GDT) asked corporate debtors to settle their outstanding balances with the GDT or face a number of punishing measures, including being publically shamed in national media.
For in depth analysis of Cambodian Business, visit Capital Cambodia
According to a GDT announcement last week, many companies have come forward in recent months to fulfill their tax obligations. However, many have not and remain in default.
“The General Department of Taxation would like to invite all the owners and directors of businesses that owe taxes to pay them as soon as possible. If not, the GDT will publish the name of the companies and their owners in a national newspaper,” the announcement said.
Kong Vibol, GDT’s director general, was not available for comment yesterday, but he had previously told Khmer Times that tax payments can be done in installments if the company agrees on the amount set by the tax department.
“We have developed a new online platform that allows taxpayers to pay their tax arrears in installments,” he said.
According to the announcement, the GDT will cooperate with other government bodies and ministries to implement a number of penalties on defaulting companies: it will halt their import-export operations by liaising with the General Department of Customs and Excise; freeze bank accounts by cooperating with the National Bank; and arrest debtors with the help of the national police.
Last year, the GDT collected $1.93 billion in tax revenue, an increase of 27.8 percent compared to a year earlier, according to official data.