The Ministry of Economy and Finance disclosed that tax revenues amounted to US$5.9 billion last year, marking a 3.9 percent decrease from th...
The Ministry of Economy and Finance disclosed that tax revenues amounted to US$5.9 billion last year, marking a 3.9 percent decrease from the previous year's total of US$6.14 billion. This decline, outlined in an official report, underscores the complexities faced by the nation's fiscal authorities.
In 2023, the General Department of Taxation (GDT) recorded a notable increase in revenue, totaling US$3.61 billion, reflecting a 4.5 percent rise compared to the preceding year. Conversely, the General Department of Customs and Excise (GDCE) faced a downturn, with collections amounting to US$2.28 billion, down by 15.7 percent from 2022.
H.E. Dr. Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance commended the dedication of tax officials in meeting revenue targets despite challenging circumstances. Speaking at the GDCE's annual meeting, he highlighted external factors such as sluggish global economic recovery and ongoing geopolitical tensions that have impacted trade and consumption patterns.
The revenue achievement is particularly significant considering the prevailing challenges, including disruptions to the transport sector and supply chain dynamics. These disruptions, compounded by geopolitical tensions and protracted conflicts, have exerted pressure on the economy, affecting both domestic and international trade.
The GDT and GDCE serve as pivotal institutions tasked with tax collection responsibilities. While the GDT primarily focuses on interior taxes such as income tax, salary tax, value-added tax, and property tax, the GDCE oversees taxes related to goods entering and exiting the country.
In response to the evolving economic landscape, the Ministry of Economy and Finance remains committed to implementing strategic measures to bolster revenue collection efficiency. This includes enhancing tax compliance frameworks, streamlining administrative processes, and fostering collaboration with international partners.
Looking ahead, the Ministry anticipates implementing targeted policy initiatives aimed at mitigating the impact of external challenges on tax revenue generation. These initiatives may encompass diversification of revenue sources, fostering innovation in tax administration, and promoting economic resilience through strategic investment.
Despite encountering headwinds stemming from global uncertainties, the Ministry's efforts in tax collection underscore resilience and adaptability in navigating complex economic landscapes. As the nation continues to chart its course amidst evolving challenges, a proactive approach to fiscal management and revenue mobilization remains imperative for sustained economic growth and stability.
.j.jpg)
No comments