Cambodian tax revenue exceeds $2 billion in 8 months

PHNOM PENH: The collected 9,879.14 billion Riels (approximately 2,439.29 million USD) through an online revenue management system in the first eight months of 2022, accounting for 86.51% of the annual financial plan. Compare to the same period in 2021, tax revenue increased by 2,138.86 billion riels (approximately $528.11 million), or 27.66%.

In particular, total tax revenue collected by the General Department of Taxation through the online revenue data management system in August 2022 amounted to 927.93 billion Riels (approximately 229.12 million USD), representing 8.13% of the financial law plan for Management 2022. In comparison to the tax revenue for August 2021, an increase of 149.12 billion riels (approximately 36.82 million US dollars, or 19.15%).

At a meeting on September 15, Kong Vibol, Delegate Of The Royal Government In Charge As Director General Of the General Department Of Taxation, stated that despite the risks posed by uncertainty and changes in the global economic context, The constant spread and conversion of Covid-19, geopolitical and global security tensions that have affected the Cambodian economy, the situation of tax revenue management in the first eight months of 2022 remains favorable, consistently meeting and exceeding the plan established in the Financial Law for annual management, which meets the budget requirements for Government expenses.

He stated that the increase in tax revenue in the first eight months of 2022 over the same period in 2021 is the result of more aggressive tax reform and a more transparent tax system.

Willingness and efforts to raise revenue from various sources and close revenue leaks by continuing to strengthen good governance, as well as adhering to a proactive spirit, particularly in developing and launching technology systems, he added.

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