Cambodia Post Bank Plc achieved another significant milestone on Monday after the General Department of Taxation of Cambodia allowed the financial institution to collect taxes.
Individuals and companies can now pay tax – such as property, withholding and vehicle taxes, as well as VAT, among others – at the bank’s branches.
At a special ceremony, the bank announced that the General Department of Taxation of Cambodia had authorised the financial institution to collect taxes as it is well positioned in the market to roll out the new service.
Cambodia Post Bank CEO Toch Chaochek said: “Paying taxes is the responsibility of every citizen to support state spending.
“Taxes are an important source of national income to drive development from the national administration to the sub-national level to meet the needs and necessities of Cambodians.”
Higher tax collection also ensures the sustainability of state expenditure, especially tax revenues, which can be used to build social infrastructure such as schools, hospitals, roads, bridges, parks and pagodas, he added.
“Cambodia Post Bank is very proud that the General Department of Taxation of the Ministry of Economy and Finance has authorised the bank to collect taxes for the General Department of Taxation.
“Today, Cambodia Post Bank has total assets of over $1 billion, a network of 58 branches, 51 subsidiaries, including the Funan Microfinance Institution, and 77 ATMs nationwide, making it convenient for customers and the general public to pay taxes easily and take less time,” Chaochek said.
The event was presided over by HE Dr Ken Sambath, the deputy director of the General Department of Taxation, HE Ok Bora, the Royal Government delegate in charge of the director general of Cambodia Post Bank, and adviser to the bank’s board of directors and senior management and representatives from the tax department.
“The official launch of the Cambodia Post Bank Plc’s services for tax collection is aimed at facilitating, promoting and accelerating the delivery of tax services to taxpayers with greater transparency, accountability and efficiency.
“It can bring tax services closer to taxpayers and help reduce difficulties by regaining their trust.
“The official launch of the Cambodia Post Bank Plc service to collect taxes is a new page in capturing the potential of the information technology of the General Department of Taxation, under the Ministry of Economy and Finance, and the bank.
“It is also an important contribution to the promotion of e-government and Industry 4.0, especially in responding effectively during the Covid-19 pandemic, which requires social distancing,” said Sambath.
Last year, the bank also launched a number of digital banking systems, including online account and loan applications, rapid credit assessment systems, Visa card processing, mobile banking, retail pay and bank transfers via the National Bank of Cambodia’s Bakong system.
The bank’s total assets stood at over $1 billion, totalling more than 100,000 accounts and over 50,000 ATM cards providing financial services to Cambodians.
In addition to tax collection, Cambodia Post Bank offers a wide range of other financial services, including credit and debit cards, loans and savings accounts, as well as domestic and international remittances.