Government Collects US$1.6 billion in Tax Revenue
AKP Phnom Penh, July 13, 2020 —
General Department of Taxation (GDT) collected 6,820.48 billion Riel (approximately US$1,684 million) in tax revenue in the first semester of this year, a 12 percent increase compared to the same period last year.
The revenue, shared by GDT at a recapitulative meeting held here late last week, was equivalent to 59 percent of the 2020 target.
According to a press release issued after the meeting, the increase in tax revenue derived from two main sources – Value Added Tax (VAT) and income tax which rose by 4.8 percent and 23 percent to 1,385.06 billion Riel (US$336 million) and 2,710.18 billion Riel (US$657 million), respectively.
In June alone, GDT collected 809 billion Riel (US$199 million) as tax income, up 1.4 percent compared to July last year.
With the growth in tax revenue, H.E. Kong Vibol, GDT’s Director General, said that GDT will continue to implement strictly and effectively the government’s in-depth reform policy through key measures including strengthening and management of tax reforms, enhancement of e-filling system, reinforcement of tax collection and so on.
Government has targeted to collect 11,543 billion Riel (US$2,885 million) as tax revenue this year.
Last year, GDT collected US$2,819 million, a year-on-year increase of 28 percent.
By Chea Vannak