Construction of a new high-rise building for the General Department of Taxation in Phnom Penh officially broke ground on Thursday.
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The facility is strategically located in Chroy Changva Satellite City, a commercial hub in Phnom Penh being developed by Overseas Cambodia Investment Corporation. The new office is set to be a one-stop tax service centre in the Kingdom.
The new building was designed by Singapore-based Aedas, while Oliver Ho & Association firm is overseeing project management and Shanghai Construction Group is responsible for the construction. The tower is expected to be completed in 24 months.
The cost of the tax tower was not disclosed during the ceremony. However, OCIC previously said that the facility will cost about $60 million.
Speaking during the ceremony, GDT director-general Kong Vibol said the office building is 32-storeys high and built within the complex’s 97,700 square metres of land. He added that the building’s parking space can handle up to 1,300 vehicles.
“The tower will be a landmark in Phnom Penh and it will also be a symbol of prosperity of the government’s internal economic growth,” he said.
Mr Vibol noted that the new facility will not just be for the GDT, but it will also lease office space.
“In doing so, there is no need to propose any additional budget from the government to spend on the building maintenance service,” Mr Vibol said.
The GDT has recently released a report of its strategy for the next five years in which it prioritises minimising taxpayer burden and improving compliance.
According to its new strategic plan, from 2019 to 2023, GDT goals include among others, promoting voluntary compliance and minimising taxpayer burden by providing quality service, as well as ensuring taxpayers meet their tax responsibilities by fairly and firmly reinforcing the tax law.
According to the GDT, tax revenue reached $1.5 billion during the first half of the year, or about 66 percent of the full-year target. At the half-year mark in 2018, the tax body had only collected $1.2 billion.
Last year, the General Department of Taxation collected nearly $2.2 billion, an increase of 13.3 percent compared to 2017.