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Deadly Collision Claims 67 Lives in U.S. Air Disaster | At Least 30 Dead and Many Injured in Stampede at Maha Kumbh Mela in India | Chinese President Xi Jinping Affirms Cambodia's Role as a Key Partner in China’s Diplomatic Strategy | Xi Jinping Concludes State Visit to Cambodia, Strengthening Bilateral Ties | Chinese President Xi Jinping Concludes Successful State Visit to Cambodia | Chinese Ambassador: US-China Trade Tensions Harm Developing Nations; President Xi Urges Investment in Cambodia and Expanded Market Access | Japanese Maritime Self-Defense Force Ships Bungo and Etazima Dock at Ream Sea Base for Four-Day Visit | Prime Minister Hun Manet Expresses Displeasure Over Criticism of Chinese Investments During Kampot International Tourist Port Inauguration | Asian Development Bank Collaborates with Cambodia on New Development Projects Worth Over $1 Billion |

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

  • Posted Feb 20, 2024 09:32 by Anthony Ellis
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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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