The General Department of Taxation (GDT) collected $300.59 million in tax revenue last month, or about 8.42 per cent of the $3.57170 billion target set in the 2023 Law on Financial Management, marking a 4.29 per cent increase over January 2022.
GDT director-general Kong Vibol revealed this at a February 16 meeting to review the department’s tax collection results for January and set the work direction.
Major sources of revenue included income, salary and value-added taxes, respectively accounting for 20.73 per cent, 18.07 per cent and 8.57 per cent of the total, Vibol noted.
“The GDT expects good results from income tax filings and payments for 2022 during the annual season, without any backsliding, supported by the E-Filing and ToI E-filing systems, which are solid, transparent and important mechanisms that strengthen cross-checking of tax declarations and payments,” he stated.
Transparency International (TI) Cambodia executive director Pech Pisey commented that government agencies are collecting increasing amounts of revenue, which he lauded as a “great development” for the Kingdom, supporting a reduction in reliance on external debt and development partners.
“It enables us stand on our own two feet financially,” he said.