Tax revenue last year exceeded the General Department of Taxation’s (GDT) 2019 revenue collection plan by more than 23 per cent, or $530 million, the GDT’s 2019 Results and 2020 Implementation Plan report said on Tuesday.
The report said the government collected $2.819 billion in revenue last year, up 28.28 per cent compared to 2018’s $2.197 billion.
In December alone, it said, the GDT collected $195.04 million, which accounts for 8.52 per cent of the annual plan. This is an increase of 36.85 per cent, or $52.52 million, from December 2018.
GDT director-general Kong Vibol cited economic growth and increased investment as the key drivers of the annual surge in tax revenue.
He said the continued rise in the figures was due to the efforts of tax officials at all levels, as well as the successful implementation of the online e-VAT refund system.
“The great achievements of 2019 are a reflection of the successful implementation of the Revenue Mobilisation Strategy 2019-2023.
The strategy promotes “sustainable innovation” to adequately employ “fiscal administration policy reforms and tax modernisation in accordance with the Rectangular Strategy Phase IV under the Public Financial Management Reform Programme”, he said.
The report said that VAT collection increased by 31.05 per cent last year compared to 2018, while revenue through e-VAT and other key tax measures was up by 28.47 per cent, special tax up 30.72 per cent, registry tax up 43.73 per cent, payroll tax up 18.21 per cent, and land and house tax up 68.20 per cent.
Minister of Economy and Finance Aun Pornmoniroth said that as the national revenue collection body, the GDT has a long history of strong results and is a great pride for the government.
However, to make revenue collection more effective, the GDT must also take into account the changing political geography and global macroeconomic conditions, he said.
“[We must] increase the effectiveness of tax revenue management and measures to stimulate economic growth and promote domestic economic activity, which provides favourable conditions and attract investment,” said Pornmoniroth.