Cambodia collects $1.91B tax in H1
Cambodia collects $1.91B tax in H1
In the first half (H1) of the year, the General Department of Taxation (GDT) collected $1.91 billion in taxes, about 46 percent of the projected tax revenue for 2024.
The figure showed a drop of 7.4 percent from $2.07 billion collected over the same period last year.
This was revealed at a review meeting on GDT for the first semester of 2024 last Thursday which also set the objectives for the second semester. The meeting was chaired by Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance.
GDT Director-General Kong Vibol said that the collected tax revenue of the first six months for the year amounted to 46.06 percent of the target outlined in the 2024 Financial Management Law.
In June alone, the GDT collected $248 million, accounting for 5.9 per cent of the target, he said.
Pornmoniroth said that the tax was collected amid economic challenges. “The tax collection was commendable in the first six months of the year considering the risks, uncertainty of the global economy and politics,” he said.
“This is an achievement for GDT,” he remarked.
The Deputy Prime Minister also asked the GDT staff to continue the efforts to collect the tax as planned.
The country has two institutions responsible for collecting taxes. One is the General Department of Taxation (GDT), which focuses on interior taxes such as income tax, salary tax, value-added tax, and property tax, and the other is the General Department of Customs and Excise (GDCE), which collects taxes on goods entering and leaving the country.
Based on the data from the GDT, Cambodia’s tax collection has exceeded plans since 2012, showing the efforts and reforms in strengthening governance and management through digitalization, tax law modernization and tax compliance.
