Export Tax on Rubber Adjusted
AKP Phnom Penh, March 10, 2020 —
Export tax on rubber has been adjusted in a bid to reduce the cost of product contributing to boost the commodity competitiveness in the market.
In a sub-decree signed by Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, rubber export will not be taxed if the market price of rubber is less than US$1,400 per ton.
Exporting a ton of rubber is taxed US$25 when the market price of the commodity is over US$1,400, and the tax will increase to US$200 per ton when the price is over US$3,500 per ton in the market, stated the statement.
The newly-adjusted export tax on rubber will take effect from April this year.
Currently, rubber is priced at less than US$1,000 per ton, therefore the export is not taxed.
Cambodia exported 282,071 tons of dry rubber in 2019, an increase of 30 percent from 217,501 tons in the year before, according to Ministry of Agriculture, Forestry, and Fisheries’ report.
The Kingdom made a gross revenue of roughly US$377 million from exports of the commodity last year, up 31.8 percent from US$286 million in a year earlier, said the ministry’s annual report.
A ton of dry rubber averagely cost US$1,336 in 2019, about US$19 higher than that of 2018.
By Chea Vannak