A total of $3.4 billion was collected in taxes in 2022, marking a 23.96 percent increase from 2021.
The General Department of Taxation (GDT) said in a press release on Tuesday that the $3.4 billion includes income tax, which grew 23.73 percent; value-added tax (VAT), which grew 34.10 percent; tax on salaries, which grew 22.45 percent; special taxes, which grew 25.7 percent; and stamp duty tax on transfers of ownership and possession of real estate, which grew 12.7 percent.
Another new source of income for the government comes from the value-added tax from e-commerce, following a campaign urging businesses to register. The GDT said it has collected taxes worth $37.62 million.
The GDT added that the increased collection sits at 122.54 percent of the target set by the 2022 Financial Law.
Kong Vibol, Royal Government Delegate in charge of General Director of the GDT, called this increased collection “pride” and credited the control of the Covid pandemic and vaccination of the population, which led to the reopening of the country in late 2021.
According to the release, Vibol has committed to collect $3.5 billion this year, a target set by the 2023 Financial Law.
With this, Vobol said that the GDT will strengthen some of its work, including pushing for the finalization of a new taxation draft law and contributing to fighting money laundering and terrorism financing.
Aun Pornmoniroth, Minister of Economy and Finance, said that there will be a continuation of “cleaning” of the new taxation draft law before submitting it to the Office of the Council of Ministers and then the National Assembly, according to the press release.
The Minister also commented that authorities will prepare a policy for informal businesses before the end of 2023 and will build more taxation offices in districts and cities as part of improved efforts to collect taxes.
The strengthening of tax collection will also be more on e-commerce, including from internet gateways and payment gateways, Pornmoniroth said.
