Cambodia's GDT close to 2020 collection target
By
B2B Cambodia
on
Cambodia's General Department of Taxation (GDT), confirmed this week that it had collected 95 per cent of its annual revenue collection target for 2020, despite the challenges posed by the COVID-19 pandemic.
The Cambodian GDT has collected 95% of its tax collection target for 2020
2020 GDT collections
The Cambodian GDT has collected $2.697 billion in tax revenue out of the $2.850 billion target set in the 2020 National Budget Law, by December 16, 2020. GDT director-general Kong Vibol confirmed the information and said "The business owners who earned tidy sums in 2019 declared them in their tax returns in 2020. And I’ve kept tabs on the trend in revenue each month – we are still doing well. This translates into high revenues for us this year. As one can see, despite the impact of COVID-19 and an economic slowdown, we were still able to achieve 94.63 per cent of the goal for the year. I’m confident that we’ll meet the target by the end of the year." The GDT 2021 Implementation Plan will have a lower target of $2.271 billion in 2021 due to a decrease in business in 2020, most notably by the tourism sector across the Kingdom. Vibol added "With the businesses based at main tourism destinations experiencing devastation, the tourism sector dropped nearly 95 per cent. But we still hold on to hope that we can manage the situation and will realise the $2.271 billion revenue collection plan in 2021."GDT tax collections 2018-2020:
- 2018: $2.197 billion
- 2019: $2.819 billion
- 2020: $2.850 billion (target)
- 2021: $2.271 billion (target)