Logo of Phnom Penh Post newspaper Phnom Penh Post - GDT collects over half a billion dollars in tax revenue from Jan-Feb

GDT collects over half a billion dollars in tax revenue from Jan-Feb

Content image - Phnom Penh Post
Traffic passes in front of the General Department of Taxation office in Phnom Penh. Hong Menea

GDT collects over half a billion dollars in tax revenue from Jan-Feb

The General Department of Taxation (GDT) collected 2.07466 trillion riel, or $512.26 million, in taxes in the first two months of 2022, surging by 22.69 per cent over the same period last year, according to its director-general Kong Vibol on March 14.

This represents more than 18 per cent of this year’s annual target of over $2.82 billion, as set by the Ministry of Economy and Finance – the GDT’s parent ministry – in the Law on Financial Management for 2022. For reference, the GDT collected $2.78192 billion in taxes last year.

The GDT collected $223.96 million through the online tax revenue data management system in February alone, or 7.94 per cent of the annual target.

Vibol noted that revenues from the five main tax categories recorded significant year-on-year gains last month, led by payroll tax at 23.17 per cent, followed by special tax (17.19 per cent), stamp duty (16.98 per cent), income tax (14.18 per cent), and value-added tax (VAT) at 5.52 per cent.

The GDT chief chalked up the tax revenue increases seen in January-February as “successful achievements” of the department.

“For 2022, in order to ensure the efficiency of tax collection to meet this year’s targets, all units of the GDT must continue to strengthen the implementation of measures, policies and fiscal administration.

“That includes: continuing to follow the recommendations of economy minister [Aun Pornmoniroth], enforcing the mandate to install flow meter systems at local breweries and non-alcoholic beverage production facilities, beefing up management of VAT refunds, managing and monitoring enterprises’ tax returns, and improving other functions,” he said.

Royal Academy of Cambodia economics researcher Ky Sereyvath attributed the tax revenue increases recorded in early 2022 to general economic recovery.

However, he voiced concern that economic growth could be dented by, among other things, blows to the transport sector as a result of spiralling global oil prices fuelled by the ongoing Ukraine conflict; the oil cartel OPEC’s apparent unwillingness to boost output faster; and the US Federal Reserve’s decision to cut its benchmark interest rate, which he said has led to rising inflation in the country.

Sereyvath predicted that even if the Cambodian economy misses its 5.6 per cent growth target this year, “it will not contract”, even when factoring in the effects of the sky-high fuel prices on domestic spending, and hence the retail and service sectors.

“And our exports will most likely face limited damage. In a nutshell, the economy will continue to grow, but perhaps not as much as expected,” he told The Post.


  • Wing Bank opens new branch in front of Orkide The Royal along Street 2004

    Wing Bank celebrates first anniversary as commercial bank with launch of brand-new branch. One year since officially launching with a commercial banking licence, Wing Bank on March 14 launched a new branch in front of Orkide The Royal along Street 2004. The launch was presided over by

  • Girl from Stung Meanchey dump now college grad living in Australia

    After finishing her foundational studies at Trinity College and earning a Bachelor’s degree from the University of Melbourne in 2022, Ron Sophy, a girl who once lived at the Stung Meanchey garbage dump and scavenged for things to sell, is now working at a private

  • Ministry using ChatGPT AI to ‘ease workload’; Khmer version planned

    The Digital Government Committee is planning to make a Khmer language version of popular artificial intelligence (AI) technology ChatGPT available to the public in the near future, following extensive testing. On March 9, the Ministry of Post and Telecommunications revealed that it has been using the

  • Rare plant fetches high prices from Thai, Chinese

    Many types of plants found in Cambodia are used as traditional herbs to treat various diseases, such as giloy or guduchi (Tinospora cordifolia) or aromatic/sand ginger (Kaempferia galangal) or rough cocklebur (Xanthium Strumartium). There is also a plant called coral, which is rarely grown

  • Wat Phnom hornbills attract tourists, locals

    Thanks to the arrival of a friendly flock of great hornbills, Hour Rithy, a former aviculturist – or raiser of birds – in Kratie province turned Phnom Penh tuk tuk driver, has seen a partial return to his former profession. He has become something of a guide

  • PM urges end to ‘baseless’ international Ream base accusations

    Prime Minister Hun Sen urges an end to “baseless” foreign accusations surrounding the development of the Kingdom’s Ream Naval Base, as the US has consistently suggested that the base is being expanded to accommodate a Chinese military presence. Hun Sen renewed his calls while