While Covid-19 crippled many linchpins of economic development over 2020, the Cambodian financial sector posted sound growth in terms of loans and deposits.
The general departments of Taxation (GDT) and Customs and Excise (GDCE) on January 18 formally connected their databases in an effort to modernise revenue-collection efficiency, transparency and the ease of doing business, according to a press release from GDT.
A senior official at the Ministry of Economy and Finance described Cambodia’s level of public debt as manageable and allowing flexibility for further borrowing to meet the country’s development needs.
National Bank of Cambodia (NBC) governor Chea Chanto won Central Banker of the Year, Asia-Pacific award from premier financial magazine The Banker for his leadership in successfully navigating through a stormy 2020 during the Covid-19 crisis.
The Minister of Economy and Finance’s General Department of Taxation (GDT) collected 11.70052 trillion riel ($2.87 billion) in tax revenue last year, up 423.20 billion riel or 3.73 per cent compared to 2019, it said in a January 11 press release.
The double tax avoidance agreement (DTA) between Cambodia and Malaysia came into effect on January 1, ushering in optimism and hope in the private sector that bilateral investment will garner steam.
Independent financial information provider Credit Bureau (Cambodia) Co Ltd (CBC) scooped an award for “Excellence in Consumer Credit Reporting”, CBC said in a January 5 press release.
The private sector applauded the establishment of the Non-Bank Financial Services Authority (NBFSA) following Senate approval of a draft law on its organisation and function.
Maybank (Cambodia) Plc nabbed three awards recognising its exceptional performance in the Kingdom, it said in a January 1 press release.