PHNOM PENH: The General Department of Taxation (GDT) of the Ministry of Economy and Finance collected some US$300 million as taxable income in the first month of 2023, up 4.29 percent compared to that of December 2022.
The figures were released in a monthly meeting held on Feb. 16 under the chairmanship of GDT Director General H.E. Kong Vibol. “The tax income now reached 8.42 percent of the yearly plan,” the director general said, reaffirming that the GDT will try its best to collect tax income with efficiency.
The Kingdom has two institutions responsible for the collection of taxes. While the GDT focuses on interior taxes, like income tax, salary tax, value-added tax, and property tax, the General Department of Customs and Excise (GDCE) collects taxes on goods entering and leaving the country.
The General Department of Taxation (GDT) has collected US$3,455 million as taxable income in 2022, which is equivalent to 122 percent of the yearly target. The figures were released by its Director General H.E. Kong Vibol in a special broadcast on tax service on Thursday.
Despite the continued COVID-19 threat, as well as the outbreak of the Russia-Ukraine war, which has slowed down the world economy and pushed up inflation, especially in the food sector, the GDT’s tax collection performance in 2022 was good, exceeding the target of 22 percent, he said.
Cambodia has two institutions responsible 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.