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Cambodia's Tax Revenue Hits US$5.9 Billion in 2023 Despite Global Challenges

Phnom Penh: Cambodia's Ministry of Economy and Finance announced that the nation garnered US$5.9 billion in tax revenue for the year 2023. This figure, though marking a slight dip of 3.9% from the previous year's US$6.14 billion, underscores the country's adept handling of its tax collection mechanisms amidst global economic headwinds.

Cambodia's tax architecture is upheld by two pivotal institutions: the General Department of Taxation (GDT) and the General Department of Customs and Excise (GDCE). The GDT, responsible for domestic taxes including income, salary, value-added, and property taxes, reported a 4.5% increase in collections, amounting to US$3.61 billion up from US$3.45 billion in 2022. Conversely, the GDCE, which manages taxes on imports and exports, faced a downturn, with collections falling 15.7% to US$2.28 billion in 2023 from US$2.67 billion the previous year.

The mixed results come in a period described by Deputy Prime Minister and Minister of Economy and Finance, Dr. Aun Pornmoniroth, as challenging. The global landscape, marred by the sluggish recovery of major economies, ongoing wars, geopolitical tensions, and disruptions in transport and supply chains, alongside diminished consumption demand, posed significant hurdles to economic stability worldwide.

Despite these obstacles, Cambodia's tax collection efforts have been commended. Dr. Aun Pornmoniroth praised the dedication and efficiency of tax officials in navigating the complex fiscal environment to secure these revenues. His acknowledgment came during the GDCE's annual meeting, highlighting the strategic importance of tax collection in sustaining the nation's economic health and development.

The 2023 fiscal performance not only reflects Cambodia's resilient tax system but also underscores the government's commitment to maintaining financial stability in the face of global economic uncertainties. This fiscal achievement is a testament to the country's strategic planning and the robust execution of its tax policies, ensuring continued progress and prosperity for Cambodia.

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