Revenues from taxes tops $1B

The General Department of Taxation collected more than $1.06 billion in tax revenue in 2014 up by about 17.7 per cent on the $900 million collected in 2013, according to a statement from the tax department released yesterday.

Income tax was up by 29.6 per cent, company tax rose by 23.9 per cent while value added tax collection increased by 23.9 per cent.

“For year-on-year, [we] had seen the increase of tax revenues in all sectors,” Kong Vibol, director general of tax department said in the statement.

Meanwhile, the General Department of Customs and Excise reported last week that the taxes on imports and exports had yielded $1.34 billion last year up from more than $1 billion in 2013.

“[We have to] continue to improve the fiscal policy reform; to convince and discuss with [businesses] the registration procedure via the new system,” the Minister of Economy and Finance Aun Porn Moniroth said in a statement. “[We have to] enforce fiscal administration for better efficiency; to enhance the property and unused land tax.”

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