Cambodian government’s tax revenue has increased significantly since 2022

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International Business News – Cambodia’s National Tax Administration said in the news on the 12th that the government tax revenue reached 2.693 billion U.S. dollars in the first nine months of this year, an increase of 27.50% over the same period last year, and the total tax revenue is expected to exceed the target this year.

So far this year, the Cambodian government has seen a significant increase in tax revenue through a series of administrative reforms. Cambodia’s National Tax Administration said that the tax revenue of the National Tax Administration reached USD 254 million in September this year, up 25.98% year-on-year. The annual tax revenue target for this year is USD 2.819 billion, and more than 90% has been achieved in the first nine months.

Director General of the National Tax Administration of Cambodia, Mr. Guan Weipao, said that the total tax revenue this year exceeded the target, mainly due to the National Tax Administration deepening the system and institutional reform, strengthening the efficiency of tax collection and management, as well as improving the governance capacity.

According to Guan Wei Bao, the government has been actively deepening its reform efforts since 2014 to facilitate tax returns and tax services through information systems, while continuously improving officials’ capabilities through training. The NRA requires tax officials to have a certain level of IT knowledge in addition to being familiar with tax laws and effectively performing collection and management tasks.

The National Tax Administration of Cambodia also reported that in the first nine months of this year, the number of enterprises applying for suspension of operations decreased by 73% compared to the same period last year. This indicates that Cambodia’s economy is recovering.

Although the Cambodian government has issued a series of guidelines, there are still companies that do not comply with the regulations to issue compliant invoices. The National Tax Administration of Cambodia (NTA) said that in the near future, the NTA will take legal action to heavily punish enterprises that refuse to comply with tax regulations.