GDT on track to meet this year’s tax collection target
GDT on track to meet this year’s tax collection target
The Ministry of Economy and Finance’s General Department of Taxation (GDT) collected $2.22595 billion in tax revenue in the first nine months of this year, up $80.31 million or 3.71 per cent compared to the same period last year, it said in a press release.
Last month alone, the GDT collected $186.22 million, down $42.98 million or 18.75 per cent from September last year.
GDT director-general Kong Vibol noted that Covid-19 had put a strain on some sources of tax revenue in key sectors during the third quarter of this year.
He called for heightened cooperation between the heads of operational units at all levels at the GDT and relevant ministries and institutions to increase the efficiency and transparency of tax collection.
“Despite the economic impact of the Covid-19 pandemic, all GDT officials must continue to strengthen their action plans and strengthen the government’s emergency intervention plan to support tourism, aviation, agriculture, animal husbandry and general manufacturing and reinforce measures that stimulate economic growth,” Vibol said.
At the same time, he advised all units to be firm and flexible in their contribution to the effective implementation of laws and work discipline regulations.
“To ensure effective management of tax revenue collection and achieve the set plan, the GDT will continue to strictly and effectively implement the government’s in-depth reform policy,” Vibol said.
He noted in July that this year’s tax revenue collection target is $2.88583 billion. This means that collection stands at 77.13 per cent of the goal as of September 30.
The GDT collected $2.81933 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 $2.19785 billion.
The report said value-added tax (VAT) collection increased by 31.05 per cent last year compared to 2018, while revenue through e-VAT and other key tax measures was up by 28.47 per cent.
Special tax increased 30.72 per cent, registry tax was up 43.73 per cent, payroll tax climbed 18.21 per cent, and land and house tax rose 68.20 per cent, it said.
