Tax authority reveals new target

Sum Manet / Khmer Times No Comments Share:
The General Department of Taxation aims to increase tax collection using a new strategy for the next four years. Khmer Times Staff

The General Department of Taxation (GDT) has announced that it aims to increase revenue from tax collection by 19 percent with a new strategy for the next four years based on sustainability and fair competition in the private sector.

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

The tax authority revealed its plans during a meeting with the private sector as part of a mechanism to sit both sides at the negotiating table, and said that getting more companies to join the regulatory fold was essential to achieve their tax collection goals, according to a statement issued yesterday by GDT.

Kong Vibol, GDT’s general director, said the drafting of a new strategy for tax collection for the years 2019-2023 is nearly finished. He said the new plan will focus on increasing tax collection sustainably, while strengthening fair competition and social justice.

“Our goal is to reform policies to ensure fairness, equality and accuracy in tax payment and collection and to ensure we keep increasing our revenue from tax collection.

“For 2019, GDT has been studying the reform of the basic tax stamp calculation on property ownership transfers, the special tax on goods and services, the public tax and the auditing process, as well as other articles that are essential for tax collection implementation,” Mr Vibol said.

Te Taing Por, president of the Federation of Associations for SMEs of Cambodia, told Khmer Times that details on the new tax collection plan were scarce.

“They have not giving us many details. All we know is that they are trying to collect 19 percent more through taxes.

The government says it is essential to get more firms to register with the tax department to achieve its tax collection goals. Supplied

“This does not mean that they will hike up taxes, but rather that they will focus on improving their collection capacity to meet their goal,” he said.

Ho Vandy, secretary-general of the Cambodia National Tourism Alliance, also present in the meeting, told Khmer Times that getting more companies to register with the tax department was important for economic growth.

“More private companies need to comply with tax requirements to aid the development of the nation. Everyone must come on board,” he said.

Tuesday’s meeting was the third in a series as part of a mechanism officially known as ‘GDT-private sector partnership’, which aims to facilitate dialogue between both parties and solve any disputes regarding taxes.

“Today we made good progress in the meeting. We will keep working to find solutions to problems surrounding tax and encourage more people to register with the GDT to boost tax revenue,” said Mr Vandy.

Share and Like this post

Related Posts

Previous Article

Booking Holdings invests $200 million in Grab

Next Article

Forum to shine a light on food safety