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China leads the investment in Cambodia for nearly 30 years

PHNOM PENH: According to the General Department of Taxation, China has been Cambodia’s top source of foreign direct investment in the construction sector for nearly 30 years, from 1994 to the present. There are numerous other industries and sectors.

At a press release issued by the General Department of Taxation on June 9, Chinese direct investment has been among the world’s top foreign direct investments from 1994 to the present. Agriculture and agro-industry are major sectors, as are industry and manufacturing, construction, tourism, and services and infrastructure.

Mr. Kong Vibol, Director General of the General Department of Taxation, encouraged Chinese investors and enterprises to become major taxpayers at a meeting of the General Department of Taxation “China-Cambodia Chamber of Commerce” on June 9 and the small, medium-sized taxes help to meet tax obligations. Separately, those who have not yet registered for tax should do so and fulfill their tax obligations in accordance with the current tax laws and regulations.

The General Department of Taxation and the China-Cambodia Chamber of Commerce applauded and agreed to continue good cooperation in sharing information, strengthening cooperation, partnership, and providing better tax services in order to reduce the maximum number of challenges.

The China-Cambodian Chamber of Commerce and General Department of Taxation Working Group will continue to strengthen cooperation and partnership through two regular meetings twice a year as a direction for future implementation. And, if necessary, extraordinary meetings, and the China-Cambodia Chamber of Commerce will continue to disseminate the spirit of this meeting to the Chamber’s members.

 

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General Department of Taxation collected more than $1 billion USD in the first quarter

 

PHNOM PENH: Mr. Kong Vibol, General Department of Taxation, stated that the General Department of Taxation collected approximately 1,263.07 million USD in the first quarter of 2022, equivalent to 44.80 percent of the 2022 financial plan, a 22.25 percent increase. According to a press release issued by the Director General of Taxation,

At the meeting to review the results of tax collection for March and the first quarter of 2022 with the direction for further implementation of the Director General of Taxation on April 19, Mr. Kong Vibol confirmed that “In the first three months of 2022, the General Department of Taxation collected 5,115.42 billion riels (approximately 1,263.07 million dollars) in tax revenue through the online revenue management system, equivalent to 44.80 percent of total revenue.” In comparison to tax revenue in the same period in 2021, the annual financial law plan increased by 930.99 billion riels (approximately 229.87 million dollars), or 22.25 percent.

He stated that revenue from five major tax categories increased significantly in the first three months of 2022 compared to the same period in 2021, with income tax accounting for 2,698.02 billion riels. The value added tax was 774.01 billion riels (up 515.17 billion riels, or 23.60 percent), the special tax was 298.47 billion riels (up 40.84 billion riels, or 15.86 percent), the salary tax was 315 billion riels (up 55.05 billion riels, or 21.18 percent), and the stamp duty on real estate transfers was 226.79 billion riels (up 58.94 billion riels, or 35

According to the General Department of Taxation, approximately 750.71 million US dollars in tax revenue was collected through the online revenue data management system in March 2022, accounting for 26.63 percent of the financial legal plan for management.

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