Tax collection revenue increases 10% in 2020
Tax collection revenue increases 10% in 2020
The General Department of Taxation (GDT) collected $1.87789 billion in tax revenue in the first seven months of this year, up $165.46 million or 9.60 per cent compared to the same period last year, its data show.
Tax collection was buttressed by value-added tax and income tax revenues, which climbed 3.17 and 22.71 per cent during the period respectively, and has reached 65.89 per cent of the 2020 target.
Last month alone, the GDT collected $194.13 million, down $16.22 million or 7.71 per cent from July last year.
GDT director-general Kong Vibol said the department is strictly and effectively implementing the government’s in-depth reform policy and putting the required measures in place to fulfil this year’s $2.88583 billion tax revenue collection target.
He said steps taken to promote tax collection efficiency and revenue include enhancing the implementation of relevant laws on business registration via information technology (IT) platforms; streamlining tax registration and business information updates; and optimising the effectuation of government tax facilitation arrangements in Covid-19-wracked areas.
Additional measures involve perking up tax collection practices and optimising debt collection measures – in particular major tax liabilities – as well as raising awareness of and enhancing the implementation of the collection of property taxes, unused land taxes and road taxes for this year, he added.
“I wish to express my deep appreciation and gratitude to the leadership and tax officials at all levels at the General Department of Taxation’s various operational units who are actively involved in efforts to proficiently collect revenue.
“This marks a success and a collective achievement of the General Department of Taxation as a whole,” said Vibol.
Royal Academy of Cambodia economics researcher Hong Vanak told The Post on Sunday that tax collection in the Kingdom continues to climb, undaunted by the ongoing global Covid-19 crisis.
“From this perspective, I foresee that tax revenue in Cambodia from now on until the end of the year may stagnate or see a slight contraction.
“The government is introducing a number of new measures to help ease tax burden, especially in the tourism sector, which has caused the State to lose a chunk of tax revenue,” he said.
At the same time, he said, authorities must strive to be more accurate and transparent in tax collection to improve the efficiency in tax revenue collection management.
The GDT collected $2.819 billion in tax revenue last year, exceeding the annual target by $530 million or 23.20 per cent, its 2019 Results and 2020 Implementation Plan report said on January 21. This was 28.28 per cent higher than 2018’s $2.197 billion.
