Cambodia collects nearly $6 billion in taxes in 2023

Cambodia collects nearly $6 billion in taxes in 2023

Cambodia earned $5.9 billion in revenues from all kinds of

taxes in 2023, a 3.9 percent decrease compared to $6.14 billion in 2022, as per an official report released on Friday.

The country has two institutions responsible for collecting taxes. One is the General Department of Taxation (GDT), which focuses on domestic taxation, including income tax, salary tax, value-added tax, and property tax, while the other – the General Department of Customs and Excise (GDCE) is focused on international taxation such as taxes on import and export goods.

The GDT earned $3.61 billion in 2023, a 4.5 percent increase from $3.45 billion in 2022. This $3.61 billion in taxes collected has ensured the department achieved 101 percent of its annual target, said the report.

The GDCE collected $2.28 billion in 2023, a 15.7 percent decrease compared to 2022 figure of $2.67 billion, the report read. This has been due to a number of challenges, including a decline in automobile imports, said Kun Nhim, director-general of GDCE.

In an annual meeting on Friday, Nhim attributed the reduction in taxes due to the implementation of free trade agreements in ASEAN and the growth of domestic production leading to lower imports. He also mentioned that some organisations were becoming smarter at tax evasion.

“In 2023, because we collected only $2.28 billion in tax, we achieved only 82.4 percent of our annual target,” Nhim said.

The Deputy Prime Minister and Minister of Economy and Finance Aun Pornmoniroth hailed the efforts of tax officials in the face of challenging circumstances.

“We’ve faced many challenges, including a global economic slowdown, prolonged war, geopolitical tensions, which have disrupted transport and supply chains and consumer demand,” said Pornmoniroth. khmertimeskh

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