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Cambodia collects 2.4 bln USD from taxes last year

Xinhua, January 13, 2015 Adjust font size:

Cambodia has earned 2.4 billion U.S. dollars from all sources of taxes in 2014, an increase of 27 percent from 1.88 billion U.S. dollars a year earlier, according to official figures.

The Southeast Asian nation has two institutions that are responsible for collecting taxes. One is the General Department of Taxation (GDT), which collects interior taxes such as income tax, VAT (value added tax), merchandise and service tax, road tax and property tax, and the General Department of Customs and Excise ( GDCE) which collects taxes on goods entering and leaving Cambodia.

The GDT reported Tuesday that it earned 1.06 billion U.S. dollars in tax revenue last year, up 18 percent year-on-year. "Tax revenue increased in all sectors last year," GDT's director general Kong Vibol said in a press statement, referring to financial services, telecommunications, architecture and construction, airports and ports, garments, tourism and food and beverage.

Last Friday, the GDCE announced that it made 1.34 billion U.S. dollars in tax revenue in 2014, a 33.5 percent rise year-on-year.

GDCE's 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 a statement. Endi