PHNOM PENH: Cambodia collected US$5.9 billion in customs and tax revenues in 2023, down 3.9 per cent from $6.14 billion in the previous year, official reports showed on Friday (Feb 16).
The country has two institutions responsible for collecting taxes, namely the General Department of Customs and Excise (GDCE), which collects taxes on goods entering and leaving the country, and the General Department of Taxation (GDT), which focuses on interior taxes such as income tax, salary tax, value added tax, and property tax.
The GDCE said in a report that it earned almost 2.29 billion dollars in customs and excise revenue last year, down 15 per cent from 2.69 billion dollars in the year before.
"The GDCE achieved only 82.4 per cent of the target set for 2023," its Director General Kun Nhem said during an annual meeting here on Friday.
He attributed the decline in customs and excise revenue to a drop in the imports of vehicles, which were the major source of the GDCE's income.
Meanwhile, the GDT made 3.61 billion dollars in tax revenue last year, up 4.5 per cent from 3.45 billion dollars in a year earlier.
"The GDT achieved 101 per cent of the target set in the 2023 budget law," GDT's Director General Kong Vibol said in a statement. - Xinhua
