Cambodian gov't income hits 20-year high in 2019

Source: Xinhua| 2020-02-28 14:13:31|Editor: huaxia

PHNOM PENH, Feb. 28 (Xinhua) -- 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 reported on Friday.

According to figures from the Ministry of Economy and Finance, the revenue was 6.03 billion U.S. dollars, representing about 90 percent of the budget in 2019.

Tax rose by 28 percent last year to 2.82 billion dollars, and revenues from customs and excise amounted to 3.21 billion dollars, a year-on-year increase of 30 percent, 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.