PHNOM PENH: The Cambodian government's fiscal revenues from tax, customs and excise hit a 20-year record last year, exceeding the target and rising nearly a third year-on-year, the Khmer Times has reported.
According to figures from the Ministry of Economy and Finance, the revenue was US$6.03bil, representing about 90% of the budget in 2019.
Tax rose by 28% last year to US$2.82bil and revenues from customs and excise amounted to US$3.21bil, a year-on-year increase of 30%, according to a ministerial news release.
Kun Nhim, director-general of Customs and Excise, said the revenue collected in 2019 was the highest in the past 20 years, taking into account the context of tax incentives offered to both investment and priority sectors.
Kong Vibol, director-general of Taxation of Ministry of Economy and Finance, said in news release that the increased tax collection was due mainly to the country's economic growth and increasing investments.
"The achievement of tax revenues in 2019 is a reflection of the successful implementation of fiscal policy reforms and tax modernization," he was quoted as saying by the newspaper.
Lim Heng, vice-president of the Cambodia Chamber of Commerce, said the online-based tax payment system contributed to the transparency and efficiency of tax collection.
"We have seen tax collection has significantly and efficiently improved through payments made via partnered banks," Heng said.
The increased fiscal revenues reflect the healthy investment environment in Cambodia and increasing activities of imports and exports, he said, adding that the purchasing power of Cambodia is strong. - Xinhua/Asian News Network
According to figures from the Ministry of Economy and Finance, the revenue was US$6.03bil, representing about 90% of the budget in 2019.
Tax rose by 28% last year to US$2.82bil and revenues from customs and excise amounted to US$3.21bil, a year-on-year increase of 30%, according to a ministerial news release.
Kun Nhim, director-general of Customs and Excise, said the revenue collected in 2019 was the highest in the past 20 years, taking into account the context of tax incentives offered to both investment and priority sectors.
Kong Vibol, director-general of Taxation of Ministry of Economy and Finance, said in news release that the increased tax collection was due mainly to the country's economic growth and increasing investments.
"The achievement of tax revenues in 2019 is a reflection of the successful implementation of fiscal policy reforms and tax modernization," he was quoted as saying by the newspaper.
Lim Heng, vice-president of the Cambodia Chamber of Commerce, said the online-based tax payment system contributed to the transparency and efficiency of tax collection.
"We have seen tax collection has significantly and efficiently improved through payments made via partnered banks," Heng said.
The increased fiscal revenues reflect the healthy investment environment in Cambodia and increasing activities of imports and exports, he said, adding that the purchasing power of Cambodia is strong. - Xinhua/Asian News Network
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