The General Department of Taxation (GDT) on December 13 said it collected $2.56012 billion in taxes in the first 11 months of 2021, a 14.13 per cent surge from the same period last year.
This represents nearly 114.13 per cent of the $2.24307 billion target set by the Law on Financial Management for 2021, the GDT said in a statement.
Last month alone, taxes collected amounted to 990.29 billion riel ($244.52 million), up by $12.17 million or 5.24 per cent over November 2020, it said.
Tax consulting services reached 119,811 cases over January-November, up by about 25 per cent year-on-year, it added.
GDT chief Kong Vibol stressed that the government’s effectiveness in managing Covid and strategic herd-immunity approach in its vaccination campaign “with a proactive and timely spirit” were key in maintaining economic activity, and led to the roll-out of the Kingdom’s reopening plans last month.
Revenue growth was also propelled by the continued strengthening of good governance and administrative capacity, the adoption of information technology systems prior to Covid, and an overall “adherence to a proactive spirit”, he said.
Cambodia Chamber of Commerce vice-president Lim Heng said the continuing rise in tax revenue suggests that the economy is performing well despite Covid.
He argued that the Kingdom was not experiencing economic stagnation, saying that demand for construction materials and various types of services remains on an upward trajectory.
“Economic performance is still good, and at the same time, we are getting vaccinated faster than any other country.
“Our country will drive down the number of infections, prevent Covid-19, to ensure that a steady flow of investment comes in, much like Chinese companies are gradually making their way in.
“Companies from other countries are eyeing Cambodia’s free trade agreement with China – they’ll come invest in the Kingdom to export to China,” Heng said.