GDT collects $1.25 billion as tax income in Q1

GDT collects $1.25 billion as tax income in Q1

The General Department of Taxation (GDT) collected taxes totalling $1.25 billion between January and March of this year, an official report showed on Thursday.

The tax revenues inched down by 6.7 percent from $1.34 billion recorded in the same period last year.

Cambodia has two institutions responsible for collecting taxes. One is the General Department of Taxation, 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.

“The January-March tax income collection reached $1,253 million, equaling 30.88 percent of the budget target plan set in 2025,” read a report.

Tax incomes from financial and insurance activities, import-export activities, and manufacturing activities are the main and largest tax incomes, it stated in the report.

GDT Director-General Kong Vibol shared tax administration’s efforts and continuation of the government’s strategic plans implementation to mobilize tax revenue.

The GDT has continued to implement the strategic plan and operational plan phase II (2024-2028), which sets out main strategic objectives and goals – increase fiscal compliance by improving the quality, clarity, transparency and accountability and continue to develop human capital and expand work efficiency, he said.

“With these strategic objectives and goals, GDT has carried out a number of supportive activities, as well as widely disseminated through varies media, and prepared, edited and publish many documents in order to provide better services to taxpayer and to obtain accurate and timely tax information,” Vibol said in the report.

The GDT has reformed the tax system, including services to taxpayers and registration, audits, debt management and fast resolution of issues faced by taxpayers.

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