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Over $1B collected in tax revenue

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Traffic passes by the General Department of Taxation headquarters in Phnom Penh. Supplied

Over $1B collected in tax revenue

The Cambodian government collected more than $1 billion in tax revenue in the first five months of the year, an increase of more than 12 percent compared to the same period last year, according to a monthly report from the General Department of Taxation (GDT) released on Friday.

Tax collection for May reached $134 million, which is up $16 million from last year, the report showed.

On pace for strong yearly growth, the GDT collected $1.04 billion through May, which is 54 percent of its yearly target.

Reform drive

The Tax Department has undertaken a series of reforms to increase revenue in recent years, including conducting audits of businesses in the country and launching an online collection platform.

Last year the Tax Department collected $1.93 billion in revenue, a 30 percent increase over 2016. That figure exceeded even the department’s own projections.