Cambodia: Vehicle import duty cuts proposed

Customs clearance revenue on vehicles fell by 40 per cent in 2020 from a year earlier. - The Phnom Penh Post/ANN

PHNOM PENH, Feb 13 (Phnom Penh Post/ANN): Minister of Economy and Finance Aun Pornmoniroth has proposed an adjustment on vehicle import duty, to be effective from March 1, to revive the market and buttress the logistics sector after customs clearance revenue on vehicles fell by 40 per cent in 2020 from a year earlier.

In a February 1 letter addressed to Prime Minister Hun Sen and signed by Pornmoniroth, the ministry contended that while the adjustment could hive off 122.54 billion riel ($30.26 million) in customs revenue, the move would bolster demand for imports beyond last year’s levels and partially offset the perceived losses.