GDT collects $2.4B in revenue from taxation in first 10 months

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The General Department of Taxation (GDT). Hong Menea

The government collected $2.40 billion in revenue from taxation during the first 10 months of this year – up 28.31 per cent year-on-year from $1.873 billion – a report from the General Department of Taxation (GDT) said on Monday.

The amount is equivalent to 105.06 per cent of the GDT’s revenue collection plan for the entire year.

 

Last month, the GDT collected about $221.91 million in revenue, an increase of 21.85 per cent compared to October last year.

GDT director-general Kong Vibol said the growth in tax revenue was due to the successful implementation of the e-VAT refund system – of which taxpayers and enterprises are well aware – as well as tax collection efforts of senior management and tax officials.

Vibol advised all relevant departments to continue to strengthen law enforcement and work effectively.

Speaking during a graduation ceremony for the Human Resource University on Monday, Prime Minister Hun Sen said Cambodia will exceed the more than $1 billion fiscal revenue target for this year.

“During the first 10 months, taxation revenue has surpassed the plan by five per cent. It may be possible to collect a further $400-500 million over the remaining two months,” he said.

Last year, the GDT collected more than $2.19 billion in tax revenue from various streams, up 13.37 per cent from 2017 – exceeding its target by more than $274 million, or about 14 per cent.