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Cambodia's Tax and Customs Revenue Hits $2.9 Billion in First Half of 2024

  • Posted Aug 13, 2024 09:39 by Anthony Ellis
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Phnom Penh, 13 August 2024 – The Royal Government of Cambodia collected approximately $2,909 million in revenue from tax and customs in the first half of 2024, achieving 46 percent of the target set for the year, according to a report released by the Ministry of Economy and Finance on Monday.

Cambodia's tax collection responsibilities are divided between two key institutions under the Ministry of Economy and Finance: the General Department of Customs and Excise (GDCE) and the General Department of Taxation (GDT). The GDCE manages taxes on goods entering and leaving the country, while the GDT focuses on domestic taxes, including income tax, salary tax, value-added tax (VAT), and property tax.

The report indicates that the GDT generated $1,710 million in tax revenue, reaching 48 percent of its annual target. Meanwhile, the GDCE brought in $1,199 million, amounting to 44 percent of its target.

The Ministry of Economy and Finance projects that total tax and customs revenue for 2024 could exceed $5 billion, representing 85.5 percent of the financial plan for the year. This projection considers the shortfall in income tax collection during the first half of the year.

The 2024 target for tax and customs revenue is set at over $6.2 billion. For context, in 2023, the GDT collected $3,600 million in tax revenue, surpassing the year's plan by 101.13 percent. In contrast, the GDCE's revenue was approximately $2,288 million, achieving 82.4 percent of its target.

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