Logo of Phnom Penh Post newspaper Phnom Penh Post - GDT says revenues up 15% in January

GDT says revenues up 15% in January

Content image - Phnom Penh Post
The General Department of Taxation sits on the south-west corner of the intersection of Russian Federation Boulevard with Mao Tse Tung Boulevard in Tuol Kork district’s Teuk La’ak I commune. Heng Chivoan

GDT says revenues up 15% in January

The General Department of Taxation (GDT) collected about 956.76 billion riel ($239.19 million) in tax revenue in January, up 14.74 per cent compared to the same period last year.

This is a positive step towards its target of collecting more than $2.885 billion by year’s end, the GDT said in a statement on Monday.

GDT director-general Kong Vibol said in the statement that his department achieved remarkable growth last month.

However, he called on his officials to gauge the direct and indirect impact of Covid-19 on the Kingdom’s economy.

“In its mission to collect taxes for the government, GDT continually strengthens its good governance – focusing on proper administration, effective leadership and management, and meritocracy,” Vibol said.

The 2020 National Budget Law approved in November targets a 28.1 per cent increase in revenue collection from customs and excise next year, reaching around $2.87 billion, or 17.72 per cent of gross domestic product (GDP).

Revenue from tax collection would increase by 21.3 per cent to more than $2.33 billion, accounting for 7.93 per cent of GDP, it said.

Speaking at the National Assembly in November, Minister of Economy and Finance Aun Pornmoniroth said while the Kingdom’s economy remained strong, the government had to spend more to sustain it and boost domestic revenues via the collection of tax and customs duties.

“The government has achieved good results in public financial management with the sound, sustainable and efficient collection of all types of taxes.

“This proves the strength of the Cambodian economy, despite the global economy facing greater risks than before. Higher revenue collection helps strengthen Cambodia’s budget independence, and gives the government greater control,” Pornmoniroth said.

Vibol said the GDT’s public policy is in line with the 2020 Finance Law and the Revenue Mobilisation Strategy 2019-2023 in terms of voluntary compliance, lowering tax caps and providing good-quality services.

The department strives to strengthen its rule of law, properly regulate taxes and efficiently implement its operations to ensure that taxpayers fully comply with the law, he said.

Last year, the GDT collected some 11.27732 trillion riel, up 28.28 per cent from 2018’s 8.79140 trillion riel.

MOST VIEWED

  • Cambodia unveils new quarantine regulations

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Cambodia sets new Covid-19 quarantine rules

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Hun Sen: Cambodia set to fully reopen

    Prime Minister Hun Sen concludes that the October 5-7 Pchum Ben public holiday, during which many people either flocked to their hometowns for family reunion or gathered at tourist attractions across the country, has not caused an outbreak of Covid-19. In a special address to

  • Will Evergrande change the way Chinese developers do business in Cambodia?

    China’s property sector policy has exposed the grim financial condition of real estate developers including those operating in Cambodia, which raises questions over the viability of their projects and business going forward The dark blue netting draping over one of Yuetai Group Co Ltd’

  • Cambodia resumes issuance of tourist visas

    The Ministry of Foreign Affairs and International Cooperation has announced the resumption of its tourist visa and visa exemption programme after a long hiatus due to the Covid-19 pandemic. In a letter dated October 20 and addressed to foreign embassies and consulates, foreign minister Prak Sokhonn

  • Cambodia voted ‘world’s friendliest country’ in Rough Guides reader poll

    Cambodia ranked number one among the “World’s Friendliest Countries”, according to a reader poll conducted by London-based international website “Rough Guides”. Taking submissions through Twitter and Facebook, “Rough Guides”, a well-known travel agency and publisher of guidebooks, said the Kingdom “was by far the