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GDT passes 69% of full-year tax goal in June

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The General Department of Taxation (GDT) data shows that it collected 69.89 per cent of its full-year tax revenue target of nearly 11.42 trillion riel, or $2.82 billion, by June 30. Heng Chivoan

GDT passes 69% of full-year tax goal in June

The General Department of Taxation (GDT) has announced that it netted 7.98057 trillion riel ($1.97051 billion) in taxes, marking an increase of 1.83359 trillion riel or nearly 30 per cent year-on-year.

This represented 69.89 per cent of the full-year target for 2022, which is nearly 11.42 trillion riel, according to a GDT press release issued in conjunction with a review meeting on tax collection for the January-June period held on July 19.

During the period, many of the main sources of tax revenues edged up year-on-year, including stamp duty (44.38 per cent), special tax (34.01 per cent), value-added tax (33.37 per cent), income tax (27.19 per cent), payroll tax (25.16 per cent) and tax on property rental (10.12 per cent), noted the GDT, which is under the Ministry of Economy and Finance.

Speaking in the release, GDT director-general Kong Vibol hailed the first-half tax collection results, which he chiefly credited to the post-Covid socio-economic reopening process kick-started in November.

He underscored that the decision to reopen the country was prompted by the “comprehensive and effective” management of the coronavirus epidemiological situation and is underpinned by the government’s “Living with Covid-19 in a New Normal” approach.

He said that the “wise” leadership and “profound” planning of finance minister Aun Pornmoniroth on the implementation of major reforms and strategic measures have promoted and improved fiscal compliance and ensured a fair competition environment for investors.

In the same release, the finance minister expressed his appreciation for the GDT officials’ efforts and contributions, “even in difficult circumstances”, towards the first half’s “excellent” tax collection results.

Pornmoniroth called on the GDT to keep focusing on bringing all registered taxpayers into a single unified taxation system, to make it easier to pay taxes, prevent tax evasion and ensure fair and equitable competition in terms of tax arrangements.

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