PHNOM PENH: The General Department of Taxation (GDT) collected US$3,612 million as income from taxes in 2023, equivalent to over 101 percent of the yearly target.
The figures were shared at an annual meeting held here on Jan. 23 under the chairmanship of H.E. Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance.
The 2023 tax income reached 101.13 percent of the target and saw an increase of 4.49 percent compared to 2022, read the report.
The remarkable tax revenue has provided an opportunity for the Cambodian government to invest in building roads and other key infrastructure development, the source underlined.
H.E. Aun Pornmoniroth spoke highly of the GDT’s efforts in collecting tax income to exceed the plan, adding that tax income vitally contributes to continuing national development.
“The tax income collection has achieved good performance, exceeding the target in a time of difficulties due to risks, uncertainty of the global economy and politics,” he said.
Cambodia has two institutions for collecting taxes. One is the General Department of Taxation, which focuses on interior taxes such as income tax, salary tax, value-added tax, and property tax, and the other is the General Department of Customs and Excise, which collects taxes on goods entering and leaving the country.