Cambodia receives $2.6 billion in tax revenue by September

PHNOM PENH: The General Department of Taxation collected more than 2.68 billion US dollars in tax revenue in the first nine months of 2022, which is approximately 95 percent of the annual tax collection plan before a new tax law is endorsed soon.

On September 28, 2022, His Excellency Kong Vibol, Minister Delegate to the Prime Minister, addressed the program “Fiscal Update and Audit of the American Chamber of Commerce.” and said that more than 95 percent of tax revenue was collected in the first nine months of 2022, totaling more than $2,680 million US dollars, with the General Department of Taxation having three months left to collect taxes as planned in the budget law. The tax collection target for 2022 is $ 2.8 billion, with only about $ 120 million left to cover the 2022 tax collection plan.

H.E. Kong Vibol stated:

“Without any concerns, the General Department of Taxation will be able to collect 10 to 15% more tax revenue than planned in 2022.” The draft tax law by the government and the National Assembly​ by the end of this year or early next year is to be made following the country’s economic context to attract potential new investors from the region.”

“The legal team of the General Department of Taxation (GDT) has been working on this draft law for many years, based on the development of the Cambodian economy and in line with economic growth or changes in the current economy.” This law was also input from the private sector and the tax team “ឃ,” which is led by the Minister of Economy and the Private Sector.”

Leave a Reply

Your email address will not be published. Required fields are marked *