Logo of Phnom Penh Post newspaper Phnom Penh Post - Tax collection rises 66% in H1

Tax collection rises 66% in H1

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The General Department of Taxation (GDT) has collected more than $1.5 billion in tax revenue in the first half of this year, up 66 per cent year-on-year. POST PIX

Tax collection rises 66% in H1

The General Department of Taxation (GDT) collected more than $1.5 billion in tax revenue in the first six months of this year, up 66 per cent from the same period last year, according to a report released by the department on Wednesday.

At its first-half tax collection revenue meeting, GDT director-general Kong Vibol noted that tax revenue increased more than $324 million from the same period last year.

The report shows that in June alone, the GDT collected more than $197 million, an increase of $57.18 million compared to June last year.

It said tax collection revenue has increased an average of 20 per cent annually over the last five years, after the government vowed in-depth tax reform following the 2013 general election.

Minister of Economy and Finance Aun Pornmoniroth, who attended the meeting, voiced his support for the GDT’s mission of an optimal yield this year through the efficient implementation of tax revenue collection.

Pornmoniroth said the GDT must continue to effectively encourage and exchange information with relevant parties and provide tax incentives to attract more investment.

“With a new draft law, [we] need to avoid double taxation and strengthen tax collection in the property sector.

“We need to boost tax collection on enterprises and businesses under the ‘casino’ label,” he said.

In May, the government has adjusted Phnom Penh’s land prices for a new registration tax base, which is set to commence later this month. Prices are set to increase more than 30 per cent per sqm on current prices.

The price adjustment will boost state revenue for the development of the country, Cambodian Valuers and Estate Agents Association president Chrek Soknim told The Post in May.

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