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Cambodia's customs revenue up 33.5 pct last year

Xinhua, January 9, 2015 Adjust font size:

The General Department of Customs and Excise (GDCE), which collects taxes on goods entering or leaving Cambodia, reported Friday that it has earned a total revenue of 1.34 billion U.S. dollars in 2014, an increase of 33.5 percent year-on-year.

The revenue last year accounted for 7.8 percent of Gross Domestic Product (GDP), the GDCE said in a news statement.

GDCE's deputy director-general Kun Nhim said the remarkable rise in customs revenue clearly reflected the country's success in trade facilitation, customs reform and modernization and better Logistics Performance Index. "We're optimistic that customs revenue will continue to grow this year thanks to our efforts in enforcing law, cracking down on offences, facilitating trade and modernizing customs procedural system,"he said in the statement.

Kang Chandararot, president of the Cambodia Institute of Development Study, said tax collection in Cambodia has been gradually moving toward transparency and confidence after the government has set out a public financial reform, strengthened transparency in companies'financial statements and committed to fighting corruption.

The revenue from the GDCE does not include the revenue of the General Department of Taxation (GDT) which collected the country' s interior taxes such as income tax, VAT (value added tax), merchandise and service tax, road tax and property tax.

The GDT had collected 959 million U.S. dollars in the first 11 months last year, up 20 percent year-on-year, according to its news release issued last month. Endi