Cambodia Records Total Tax Revenue Of Nearly $6 Billion In 2023
Cambodia collected nearly USD $6 billion in total tax revenue in 2023, including a total reported tax revenue of USD $2.28 billion from the General Department of Customs and Excise (GDCE), and over USD $3.6 billion from the General Department of Taxation (GDT).
The latest custom revenue data was shared during a GDCE 2023 Working Review workshop chaired by H.E. Dr. Aun Porn Moniroth, Minister of Economy and Finance, on February 16, 2024.
Speaking at the event, Dr. Kun Nhem, Minister Delegate to the Prime Minister and Director General of the GDCE, shared some notable statistics recorded in 2023, including an annual tax revenue of 9.26 trillion riel (equivalent to roughly USD $2.28 billion), which was a decrease of about 15.7 per cent compared to the revenue recorded in 2022. He said that tax collection was lower than expected in 2023, achieving only 82.4 percent of the plan set by the Law on Financial Management 2023.
"Revenue collection did not go according to plan due to a number of major challenges, especially the decline in the automotive market, which has been a major source of revenue for the General Department of Customs and Excise," said Dr. Kun Nhem.
Nhem added that the lower customs revenue was likely also a result of the broadening scope and deepening implementation of free trade agreements (FTAs), the growth of domestic production instead of imports, and more complex tax evasion activities taking place in new forms.
Cambodia’s Customs Data In 2023
Revenue based on type of tax collected:
- Value-added Tax (VAT) Collection: 41.2 per cent of total revenue
- Special Tax: 30.3 per cent of total revenue
- Customs Duty: 21 per cent of total revenue
- Value-added Tax on Petroleum Products: 4.3 per cent of total revenue
- Export Tax and Other Fees: 1.8 per cent of total revenue
Revenues based on commodity:
- Assorted Commodity: 35.3 per cent of total revenue
- Vehicles and Machinery: 31.1 per cent of total revenue
- Fuel and Energy: 26.6 per cent of total revenue
- Construction Materials and Other Revenue: 7 per cent of total revenue
Cambodia’s Main Imported and Exported Products In 2023
Cambodia's import value in 2023 stood at USD $24.18 billion, a decrease of about 5 per cent compared to 2022. Main imports included petrochemical products, raw materials, machinery for investment projects, construction materials, vehicles and equipment, groceries, and other assorted goods.
Meanwhile, the country's export trade volume stood at USD $22.85 billion in 2023, which was an increase of 1.8 percent compared to 2022. Garment investment products decreased by 13.1 per cent, while non-garment investment products (such as electronic components, cable assemblies, wood products, bicycles, electric bulbs, processed animal skins, tires, plastics, auto parts, and other industrial products) increased by 20 percent, and agricultural products by 24.3 per cent.