Gov’t revenue reaches $3.9B in first nine months of 2021

Content image - Phnom Penh Post
The government reaped in around $3.9 billion in revenue from taxation and customs in January-September. Hong Menea

The government collected about 15.895 billion riel ($3.9 billion) in revenue from taxation and customs in the first nine months of 2021, achieving 75 per cent of the target set in the national budget law, up from the 63 per cent reached by the same time last year.

The Ministry of Economy and Finance on November 24 noted continued solid progress in the modernisation of information technology systems, the set-up and improvement of other apparatuses, and the preparation of the core legal standards for the supervision of the Public Financial Management reform programme in the next phase.

 

Government spending as of September 30 had reached 61 per cent of the 27.425 billion riel target set for this year, the ministry said, adding that by the same day last year, that figure stood at 57 per cent – of the 27.285 billion riel 2020 target.

Royal Academy of Cambodia economics researcher Ky Sereyvath told The Post on November 24 that revenue collection is on track to exceed the target in the last quarter, propelled by the resumption of economic activity and improved financial flows as the Kingdom emerges from the Covid-19 crisis.

He also argued that current expenditure allocations this year have been made “meticulously and precisely” with Covid uncertainties taken into account, leading government spending to fall below targets.

“I believe that once the Covid-19 situation in Cambodia has improved, state spending will be in line with the plan. Thus, boosting public spending by the end of 2021 will have an impact on the economy at the beginning of 2022,” Sereyvath said.