Economy

Tax Income Collection Exceeds 22 Percent Last Year

The General Department of Taxation (GDT) has collected US$3,455 million as tax income in 2022, which is equivalent to 122 percent of the yearly target. The figures were released by its Director General H.E. Kong Vibol in a special broadcast on tax serv…

The General Department of Taxation (GDT) has collected US$3,455 million as tax income in 2022, which is equivalent to 122 percent of the yearly target.

The figures were released by its Director General H.E. Kong Vibol in a special broadcast on tax service on Thursday.

Despite continued COVID-19 threat, as well as the outbreak of Russia-Ukraine war, which has slowed down the world economy and pushed up inflation, especially in the food sector, the GDT’s tax collection performance in 2022 was good, exceeding the target of 22 percent, he said.

The director general attributed the achievement to the government’s efficient measures against the pandemic, recovering the economy to the potential growth.

He also stated that the tax revenue will provide an opportunity for the government to invest in building roads and other key infrastructure and to contribute to projects supported by development partners.

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, which collects taxes on goods entering and leaving the country.

Source: Agency Kampuchea Press