Phnom Penh: In the first half of 2020, General Department of Taxation Of the Ministry of Economy and Finance has collected tax revenue for the national budget of 6,820.48 billion Riels (approximately 1,684.07 million USD) Equivalent to 59.09% of the annual plan.
This revenue compared to tax revenue in the same period in 2019 increased by 735.82 billion Riels (approximately 181.68 Million dollars) is equivalent to an increase of more than 12 percent.
In the meeting to review the results of tax revenue collection for June and the first half of 2020 and the direction for further implementation of the General Department of Taxation in On July 10, 2020, it said that in the first half of 2020, revenue from two types of taxes will continue to grow significantly, including value added tax. More than 1,385 billion riels compared to the same period in 2019, an increase of 63.79 billion riels, about 4.83 percent and two income taxes 710.18 billion riels compared to the same period in 2019, an increase of 507.26 billion riels, about 23.03 percent.
His Excellency Kong Vibol, the Royal Government Delegate in charge of the Director General of the General Department of Taxation, said that for 2020, to ensure the effective implementation of tax revenue collection. According to the legal plan of approximately 11,543.31 billion Riels (approximately 2,885.83 million US dollars), the General Department of Taxation will continue to implement Strictly and more effectively the Royal Government's in-depth reform policy.
Recently, HE Vongsey Visoth, Permanent Secretary of the Ministry of Economy and Finance, stated that for the upcoming 2021 revenue collection, tax revenue will not be available. Growth momentum is not as strong as it used to be, as many businesses are affected by Kovid-19. However, customs revenue is expected to recover significantly due to the economic recovery.
It should be noted that in 2019, tax revenue collected more than 2.819 million US dollars, an increase of 23.20% more than the 2019 plan. Taking into account both customs and tax revenues last year, the tax revenue collected by these two national institutions reached more than $ 6 billion. Of that, customs duties collected more than $ 3.215 million, an increase of 30%.