Cambodia collects US$2.95bil taxes in H1, down 1.6 per cent

Revenue collected from tax on construction materials dropped by 28.2 per cent. - AP

PHNOM PENH (Xinhua): Cambodia collected US$2.95 billion from all sources of taxes in the first half of 2020, down 1.6 per cent from 3 billion dollars over the same period last year, according to official statements on Thursday (July 16).

The Southeast Asian country has two institutions responsible for collecting taxes. One is the General Department of Customs and Excise (GDCE), which collects taxes on goods entering and leaving the country, and the other is the General Department of Taxation (GDT) focusing on interior taxes such as income tax, salary tax, value-added tax, and property tax.

GDCE's director-general Kun Nhim said in a statement that the institution made $1.27 billion in customs and excise revenue during the January-June period this year, down 16 per cent compared to the same period last year.

"Revenue collected from tax on automobiles and construction materials dropped by 31.7 per cent and 28.2 per cent respectively, while revenue earned from tax on petroleum and general goods increased by 5.5 per cent and 3.1 per cent," he said.

According to Nhim, the kingdom's export volume fell by 0.7 per cent due to Covid-19, as its import declined by 9.4 per cent during the first half of this year.

GDT's director-general Kong Vibol said in a separate statement that the organisation earned $1.68 billion in tax revenue during the first six months of this year, up 12 per cent compared to the same period last year.

He said the GDT has achieved 59 per cent of its self-imposed target in 2020.