Tax collection rises 13 percent in 2018

Sok Chan / Khmer Times No Comments Share:
GDT’s Kong Vibol says tax collection has increased an average of 20 percent every year during the last five years. Supplied
GDT’s Kong Vibol says tax collection has increased an average of 20 percent every year during the last five years. Supplied

The General Department of Taxation collected nearly 2.2 billion last year, a hike of 13.3 percent compared to 2017, according to a statement recently issued by the tax body.

For in depth analysis of Cambodian Business, visit Capital Cambodia
.

In December alone, the government collected $142.5 million in taxes, an increase of 28.3 percent compared to the same month in 2017, GDT said.

GDT director general Kong Vibol said in the statement that his department has achieved an average growth in revenue of 20 percent in the last five-year period, moving from just over $1 billion in 2014 to 1.9 billion in 2017.

“As part of our mission to collect tax for the government, GDT continues to strengthen good governance by focusing on good administration, effective leadership and management, and meritocracy,” Mr Vibol said.

Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance, urged the GDT to continue modernising its revenue collection operations, particularly by establishing an ICT strategy that includes the creation of a big data centre to store taxpayer information.

He said that the GDT must prepare a strategy for the years 2019-2023 based on expanding the regulatory framework to support tax collection. This, he said, must be done in cooperation with the General Directorate of Policies of the Ministry of Economy and Finance and other relevant agencies.

“GDT must gather all taxpayers into one system, facilitate payments to encourage more people to fulfill their duties, and ensure equality in tax payment,” Mr Pornmoniroth said.

Mr Vibol said GDT is now preparing a strategy for the 2019-2023 period which will be based on boosting voluntary compliance, reducing the tax burden on firms and providing a quality service to taxpayers.

Share and Like this post

Related Posts

Previous Article

Biggest solar project yet gets half billion in funding

Next Article

New tax incentive to boost agriculture