MEF sets target for tax revenue
MEF sets target for tax revenue
The Cambodian government is aiming to increase its revenue collection to $3.78 billion for 2015, on the back of strong tax and customs income.
A directive signed by Monaster of Economy and Finance Aun Porn Moniroth on Monday says $2.75 billion will be collected via current revenue and the balance $1.03 billion will come from capital revenue.
While the ministry isn’t raising taxes on goods, businesses and income, it will strengthen its revenue collection.
“The government will strengthen its fight against smuggling of [goods], tax avoidance, and improve revenue collection for all taxes, customs, and non–income tax,” the directive read.
The directive set the tax department a target of $84 million monthly: $110 million per month for the customs department and $18.4 million per month from non-income tax revenues.
Son Chhay, senior lawmaker from CNRP, said powerful businesses escape paying taxes due to inefficient collection policies. He added that the government can earn more revenues if it collects taxes on economic land concession and casinos efficiently.
“The government needs to strengthen the way it collects taxes and it needs to be done within the laws and criteria,” he said.
