Cambodia’s tax revenue will reach US$3.5 billion in 2023

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[INNEWS Comprehensive Report] On September 6, Kong Vibol, Director of the General Administration of Taxation of Cambodia, attended the 2023 Tax Forum held by the Cambodia-Malaysia Chamber of Commerce at the Sofitel Hotel in Phnom Penh and stated that it is expected that the General Administration of Taxation will plan to collect a total of US$3.571 billion in taxes in 2023.

Kong Vibol pointed out that although economic growth has slowed this year and some industries have experienced declines, resulting in some business income being affected, he is confident that compared with the decline in other industries, they will be able to recover all planned income. According to the forecast of the State Administration of Taxation, although the 2023 budget plans economic growth of 6.5%, after the remaining 5.5% is revised, the State Administration of Taxation will not reduce the revenue figure and taxes will still be collected as planned.

Kong Vibol emphasized that in the past 10 years, the State Administration of Taxation has carried out in-depth reforms, and tax revenue has increased at a rate of 20% to 25% every year. Although the economy is expected to grow by 6% to 7%, the tax revenue has increased by 20% to 25%, a proud achievement under Hun Sen’s wise leadership.

Kong Vibol said that under the guidance and leadership of Deputy Prime Minister and Minister of Economy and Finance Aun Porn Moniroth, he has successfully led the General Department of Taxation to collect more tax than planned every year for the past 10 years.

It is worth mentioning that the draft of the Internal Tax Revenue and Fiscal Management Law levied by the State Administration of Taxation in 2023 stipulates that the State Administration of Taxation is required to collect 14.46539 billion riel, (approximately US$3.571 billion), an increase of 26.70 compared with the 2022 budget plan %.