cellcard cellcard

Patent Tax Can Now be Paid at Banks, Department says

Sum Manet / Khmer Times Share:

The General Department of Taxation notified patent owners that they have three months to pay taxes owed on their patents, but they can do so at banks this year for the first time,  its director general said yesterday.  

Kong Vibol, general director of the department, told Khmer Times that his department had issued a similar notice last year about how to pay the tax, but as part of his department’s effort to simplify the tax-payment process the tax can be paid at banks this year. Previously, patent owners had to pay the tax at the department’s offices.

“Those who have the patent document can pay the tax through banks, but those who do not will have to pay at GDT offices,” Mr. Vibol said. 

There are three rates for the patent tax. Companies with revenue of more than $2.5 million pay $1,250 for a patent, companies with revenue of more than $175,000 but less than $2.5 million pay $750, while those with revenue between $62,500 and $175,000 pay $100, according to the notice. The tax must be paid by the end of March, it says.

Two banks, Acleda and Canadia Bank, have been authorized to collect the tax at any of their branches throughout the country, the notice said. 

So Phonnary, vice president of Acleda Bank, said the bank was seeing a surge in payment of all types of taxes at its branches as people become more aware of the taxes they are required to pay. Ms. Phonnary said Acleda had collected $212,500 in tax payments in the first 11 months in last year, compared to $87,500 during the same period last year.

“The increase is because taxpayers better understand the advantages of paying tax and most have a bank account, so it is easy to pay taxes through a bank,” she said. Acleda’s wide network of branches makes it easy for people to pay taxes at its branches, she added.  

The GDT collected about $1.1 billion in the first 10 months of this year, up 24 percent over the same period last year, with strong growth across all sectors. The largest increases were in vehicle taxes (up 116.0 percent), cigarette taxes (up 114.9 percent), sales tax on food (up 92.9 percent),  taxes in the agricultural sector (up 56.4 percent), financial services taxes (up 39.7 percent) and  taxes on hotels and guesthouses (up 33 percent), the department said. 

Other increases in tax collection included 19.4 percent from payroll tax, 13.5 percent from value-added tax, 16.5 percent from alcohol production, 11.6 percent from telecommunications, 22 percent from import and export taxes, 19.3 percent from garment taxes and 23.7 percent from beverage sales.

Previous Article

Drugs Found in Meat Bound for Jail

Next Article

Suspect in Slayings Recaptured After Escaping Cell