Logo of Phnom Penh Post newspaper Phnom Penh Post - Tax revenues maintain positive trend in 2015

Tax revenues maintain positive trend in 2015

Tax revenues maintain positive trend in 2015

The government collected $707 million in tax revenues for the first half of this year, a 38.5 per cent increase from the same period last year, the General Department of Taxation reported on Monday.

A statement from the GDT’s director-general Kong Vibol said the revenues made up 60.67 per cent of 2015’s annual tax revenue quota.

Vibol warned, however, that the second half of 2015 would likely see less tax revenues for the government’s coffers.

“Even though there is a positive result for the tax collection in the first half of 2015, [I] encourage department officials in districts and provinces to pay attention to the second half of 2015, because it is a low season when tax income decreases”, read the statement.

Independent economist Srey Chanthy said one reason for the low season was that taxes were usually announced by the government early on in the year.

Referencing the increase in tax revenue, Chanthy said that the collection system had improved significantly thanks to foreign donors and pressure from the opposition party following the 2013 elections.

“[They’ve] cleaned up some of the not-so-good officials,” he said.

The revenue came from sources such as the Value Added Tax, income tax, property tax and taxes. Cambodia’s government still derives most of its budget from customs duties levelled on goods coming in and out of the country.

In another statement on Monday, the GDT announced it would begin collecting its annual transportation tax from July 10th to November 30th.

All kinds of vehicles – from motos to canoes – will be taxed, aside from certain exemptions such as ambulances and NGO or military vehicles.

The annual taxes are levied on a sliding scale, from 3,000 riel ($0.74) for a up to a 70 cubic centimetre motorcycle to $250 for larger cars.

The tax can either be paid at GDT offices across the country or through two private banks, Acleda and Canadia.

So Phonnary, executive vice president of Acleda, said the bank processed more than $9.8 million in transportation taxes in 2014.

“The most important thing is that they already have an account in our bank, so it is convenient for them to work with us,” she said.

According to the GDT’s statement, those who do not pay the tax will have to pay a 100 per cent fine starting from January 1, 2016.

MOST VIEWED

  • Second Hungary business forum set for H2

    Cambodia has asked Hungary to provide GSP- (Generalised System of Preferences) Plus facilities for when the Kingdom sheds its least-developed country (LDC) label, as the two countries prepare to hold a second business forum in the second half (H2) of this year to expand trade

  • Capital-Poipet express rail project making headway

    The preliminary results of a feasibility study to upgrade the Phnom Penh-Poipet railway into Cambodia’s first express railway indicate that the project would cost more than $4 billion and would take around four years to complete. The study was carried out by China Road and

  • Thai boxers to join SEA Games’ Kun Khmer event

    The Cambodian SEA Games Organising Committee (CAMSOC) – together with the Kun Khmer International Federation (KKIF) and Khmer Boxing Federation – have achieved a “great success” by including Kun Khmer in the upcoming biennial multi-sports event on its home soil for the first time, said a senior

  • Bullets to bracelets: Siem Reap man makes waste from war wearable

    Jewellery is often made from valuable gemstones like emeralds or diamonds and precious metals like gold or silver, or valueless things like animal horns. But a man in Siem Reap has approached the manufacture of delicate pieces from a different angle. His unique form of

  • 61% of 2022 imports came from just 3 markets

    The three largest exporters to Cambodia – mainland China, Vietnam and Thailand – accounted for 60.94 per cent of the Kingdom’s total merchandise imports last year, at $18.245 billion, which was up 11.99 per cent over 2021, according to the General Department of Customs and Excise. Cambodia’s total imports

  • CPP sets out five primary strategic goals for 2023-28

    The Cambodian People’s Party (CPP) on January 29 concluded its two-day extraordinary congress, setting the party’s priority goals for 2023-2028. The ruling party’s congress was attended by more than 3,000 members from across the Kingdom, including the members of the permanent and central committees,