Logo of Phnom Penh Post newspaper Phnom Penh Post - Conference rouses calls for better tax system

Conference rouses calls for better tax system

Conference rouses calls for better tax system

Government revenue raising was thrust into the limelight during the first day of this year’s International Business Chamber of Cambodia (IBC) Investment Conference.

More than 300 heads of industry and government, including Prime Minister Hun Sen, attended the event in Phnom Penh yesterday to discuss the Kingdom’s economic outlook.

While forecasting continued above-7-per-cent growth for Cambodia over the next five years, Ahmed Faisal, representative in Cambodia for the International Monetary Fund urged the government to increase domestic revenue.

“Improve government revenue mobilisation and expenditure. That is the proxy that investors are looking to as a key sign of quality reform,” Faisal said.

In Channy, CEO of the country’s largest bank, Acleda Bank, also called on the government to support the development of electronic tax payment systems to simplify tax compliance for taxpayers.

“More convenient tax payment options, such as the internet, in-branch, and even mobile need the government’s support,” Channy said.

Nguon Sokha, secretary of state for the Ministry of Economy and Finance admitted that the existing tax collection methods needed improvement, however, she pointed the finger equally at the private sector for meeting their own tax obligations.

“You can’t get a 100 per cent perfect system, but we’re working on it,” Sokha said. “It’s the private sectors role to contribute to the economy and they should do more to meet their tax obligations.”

MOST VIEWED

  • Cambodia’s image problem

    In opening remarks at a recent event, Secretary of State at the Ministry of Foreign Affairs and International Cooperation Luy David said information can be a double-edged sword. He told a European Institute of Asian Studies (EIAS) briefing seminar that the media has unfairly presented

  • PM Hun Sen says dangers averted

    Delivering a campaign speech from his home via Facebook Live on Thursday, caretaker Prime Minister Hun Sen said his Cambodian People’s Party (CPP) had carried the country through danger in its latest mandate. He was specifically referring to the threat of a “colour revolution”

  • Kingdom's trade deal with EU questioned before poll

    A European Union (EU) mission met with senior government officials at the Ministry of Interior on Tuesday as the 28-member bloc monitors an agreement under which Cambodian goods reach the crucial European market tariff-free. Some 10 commissioners are in the Kingdom as part of a seven-day

  • A new carrier takes off in capital

    Cambodia Airways, the latest passenger airline to enter the Kingdom, launched its first domestic flight on Tuesday. Flight KR801, carrying 145 passengers, left the Phnom Penh International Airport at 9:50am and landed in Siem Reap at 10:35am in an Airbus A319. Cambodia Airways marketing and branding