October 6, 2022

Tax Income Reaches Almost 80% of Yearly Plan as of July

The General Department of Taxation (GDT) of the Ministry of Economy and Finance collected US$2,022 million in tax revenue in the January-July period of this year, up 28 percent compared to the same period last year.

The figures, unveiled in a monthly meeting held virtually on Aug. 15 under the chairmanship of H.E. Kong Vibol, GDT Director General, represent 78.39 percent of the financial management plan set for 2022.

In July alone, the tax income was generated at almost US$240 million, a year-on-year increase by 19 percent.

“Despite the risks due to the uncertainty and change in the global economic context and the COVID-19 pandemic, as well as the geopolitical and global security tension which have impacted the Cambodian economy, the GDT continues to collect more tax revenue than expected,” said H.E. Kong Vibol.

Cambodia 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 or leaving the country.

Source: Agency Kampuchea Press