Cambodia collected $819 million in customs taxes in the first four months of 2022

While Cambodia has reopened the country, the government has built up herd immunity in communities leading to a smooth economy, but the Russia-Ukraine war has resulted in economic and trade consequences, which would affect the Cambodian economy, says GDCE director-general Kun Nhim Cambodia collected $819 million in customs taxes in the first four months of this year, accounting 31 percent of the plan set by the Financial Law for 2022 management, according to data from the General Department of Customs and Excises (GDCE). The data was revealed in a press conference on the update of collecting vehicle import tax chaired by its director-general Kun Nhim. In April alone, the custom tax income collection was $220 million, equal to 8.5 percent of the plan set by the Financial Law for 2022 management, data said. The GDCE collects taxes on goods entering and leaving the country. The other is the General Department of Taxation (GDT), which focuses on interior taxes such as income tax, salary tax, value-added tax and property tax. Speaking at the press conference, Nhim said the resumption of socio-economic activities has pushed the country’s economic recovery from the pandemic. “The GDCE will try its endeavour to implement what is stated in the annual action plan and the medium-term revenue collection of the government, and try to collect revenue as much as possible according to the plan set by the Financial Law,” Nhim said. While Cambodia has reopened the country, the government has built up herd immunity in communities leading to a smooth economy, but the Russia-Ukraine war has resulted in economic and trade consequences, which would affect the Cambodian economy, Nhim said. According to Nhim, automobiles and machinery topped the list of sources of customs and excise revenue, followed by general goods – petroleum, construction materials as well as miscellaneous. Last year, the GDCE collected $2.295 billion in customs income, 97 percent of the yearly plan. This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources. Khmer Daily