Cambodia’s tax revenue + 25% in 2012
Cambodia’s tax revenue + 25% in 2012
The government of Cambodia has collected US$740-M of tax in Y 2012, a 25% rise Y-Y, the General Department of Taxation said Wednesday.
The revenues have been collected from tax on profit, withholding tax, tax on salary, VAT, Value Added Tax, special tax on certain merchandises and services, turnover tax, vehicle tax, patent tax and property tax.
Speaking at the tax department’s annual conference on Wednesday, Cambodian Finance Minister Keat Chhon hailed tax officials for their strong efforts in achieving the government- imposed tax revenue target for Y 2012.
Critics claimed that Cambodia has room to grow in tax revenues if the laws have been strongly enforced because to date, some businesses still avoid paying taxes.
The Minister had proposed to promoting tax law and consequences of tax evasion to individuals, corporations, trusts and other entities in order to encourage them to pay taxes.
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