Logo of Phnom Penh Post newspaper Phnom Penh Post - Customs books nearly $615M in first quarter

Customs books nearly $615M in first quarter

Content image - Phnom Penh Post
The General Department of Customs and Excise’s (GDCE) director-general Kun Nhem called on customs officials to assiduously hone their skills and be more proactive, intelligent and engaged in revenue collection to meet this year’s targets and surpass them. GDCE

Customs books nearly $615M in first quarter

The General Department of Customs and Excise’s (GDCE) revenue collection plummeted 15.2 per cent to $614.8 million in the first quarter of this year compared to the corresponding period last year.

Last month alone, revenue reached $211.3 million, down by 4.7 per cent from March last year, GDCE figures show.

The largest sources of customs and excise revenue were vehicles and machinery (accounting for 43.5 per cent), petroleum and energy (22.8 per cent), construction materials and miscellaneous fees (6.3 per cent) and other products (27.4 per cent).

GDCE director-general Kun Nhem called on customs officials to assiduously hone their skills and be more proactive, intelligent and engaged in revenue collection to meet this year’s targets and surpass them.

This requires carrying out government policies and measures, preventing and cracking down on tax evasion and ensuring compliance with the law, as well as simplifying customs procedures and using information technology to improve trade facilitation and the overall investment climate, he said.

Hong Vanak, director of International Economics at the Royal Academy of Cambodia, told The Post on April 21 that the effects of the global Covid-19 epidemic had led to a decline in international trade across all countries.

At the same time, the collection of tax revenue, especially customs duties, will inevitably decline, he said. "It’s a matter of fact that each country's customs revenue collection has declined during the Covid-19 epidemic, including Cambodia."

Vanak posited that the lockdown of Phnom Penh and Takhmao would have little effect on customs revenue if it “doesn’t go on for months”.

The government adjusted import duty rates on vehicle imports by 10-20 percentage points from March 1 to optimise the collection of customs revenue.

Last year, the GDCE collected $2.4196 billion in revenue, down $795.5 million or 24.8 per cent compared to 2019. This was equivalent to 83.5 per cent of the 2020 plan.

MOST VIEWED

  • Municipal hall releases map detailing colour coded Covid risks by commune

    Phnom Penh municipal governor Khuong Sreng released an official map detailing the red, yellow and dark yellow zones within the city under the new lockdown orders for Phnom Penh announced on April 26. The designation of red, dark yellow and yellow corresponds to areas with high,

  • Phnom Penh unveils rules for post-lockdown transition

    The Phnom Penh Municipal Administration issued a set of detailed guidelines for the seven days to May 12 after the capital emerges from lockdown at the onset of May 6. In the 14-page document signed by municipal governor Khuong Sreng released on the evening of May 5, the

  • SBI LY HOUR Bank Launches Cross Border Money Transfer Service between Cambodia and Vietnam on RippleNet, utilizing DLT

    SBI LY HOUR Bank Plc and Hanoi-based Tien Phong Commercial Joint Stock Bank (TPBank) on Friday launched the first Cambodia-Vietnam money transfer service in real currency via RippleNet, provided by SBI Ripple Asia Co Ltd to provide safe, fast and convenient services. SBI LY HOUR

  • Gov’t issues guidelines as lockdown nears end

    The government has issued a five-page set of instructions to be enforced when the three-week lockdown of Phnom Penh and adjacent Takmao town in Kandal province ends on May 6. According to an announcement signed by Prime Minister Hun Sen on May 4, the instructions cover a

  • Cambodia ready to exit LDC status

    Cambodia is well-prepared to minimise economic risks when it graduates from its Least Developed Countries status, according to a senior official at the Ministry of Commerce on May 7. Four LDCs – Cambodia, Laos, Bangladesh and Nepal – met at a virtual workshop last week to explore potential

  • Tottenham Hotspur to wear ISF Cambodia logo on jerseys in match against Sheffield United

    Last year, the Indochina Starfish Foundation (ISF) – an NGO providing education to underprivileged children in Cambodia – made global headlines with its “socially distanced” football initiative. This year, a world-class football club – Tottenham Hotspur FC – will wear special edition jerseys to show their support for ISF