Customs revenue collection up to $2.59 billion in 2024
Customs revenue collection up to $2.59 billion in 2024
The General Department of Customs and Excise of Cambodia saw a growth in customs income last year, up 13.8 percent to $2,590 million.
The figures were released in an annual meeting on Monday chaired by Aun Pornmoniroth, Deputy Prime Minister and Ministry of Economy and Finance, and Kun Nhim, GDCE Director-General, at the headquarters in Phnom Penh.
Despite facing some major challenges, GDCE achieved a remarkable customs collection, said Nhim
“In 2024, GDCE collected customs income of KHR 10,552 billion (approximately $2,590 million), a 13.8 percent increase compared to 2023,” Nhim said.
He cited some major challenges including the increasing scope and complexity of free trade agreement implementation, the rise of domestic production instead of imports, broader tax and duty incentives to attract investment, the increasing population of small-cylinder and electric vehicles, and the continued development of new and more sophisticated tax evasion activities.
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.
The Deputy Prime Minister commended the efforts of the GDCE’s leadership and staff for their strong revenue collection, achieving remarkable results despite challenges in the past year.
“The GDCE’s revenue collection was achieved remarkably despite facing some challenges including the slow global economic recovery, the ongoing Russia-Ukraine and Israel-Hamas wars, the Middle East issues, and geopolitical tensions,” he said.
Pornmoniroth encouraged them to continue their dedicated service and assured them of the cooperation of the Ministry of Economy and Finance for enhanced effectiveness.
Looking ahead to 2025, the Deputy Prime Minister outlined the priorities for improving revenue collection and efficiency, including maximizing revenue collection, preventing tax evasion, strengthening compliance and e-commerce management, modernizing institutions, increasing collaboration with state institutions and the private sector, and improving governance.
In 2023, GDCE collected $2,288 as customs income, achieving 82.4 percent of the budget plan. It cited that the loss in customs income was due to the implementation of trade pacts.
Despite a loss of customs tax revenue from preferential tariff rates under free trade agreements, Cambodia has attracted more new investment, created jobs for people and increased exports, contributing to national income.
