Customs excise revenue collection reaches $2.065 billion as revenue trend recovers

Customs excise revenue collection reaches $2.065 billion as revenue trend recovers

The General Department of Customs and Excise of Cambodia has collected $2.065 billion for the national budget In the first 11 months of this year. This was confirmed by Kun Nhim, Minister Delegate to the Prime Minister and Director General of Customs and Excise of Cambodia.

According to the Minister of Finance, for the management of 2021, the General Department of Customs and Excise of Cambodia targeted a revenue of $2.363 billion. But this revenue collection may not go according to plan.

The Minister expects that by 2021, the General Department of Customs and Excise will be able to collect 97% of the plan, which is equivalent to $2.3 billion.

Nhim confirmed the trend of increasing revenue of customs duties at the end of 2021 after the Royal Government reopened the economy and the demand for imported goods also increased.

The Minister hopes that in December 2021, customs revenue will increase due to three main reasons: First, the collection of tax revenue on cars under other license plates is expected to net additional taxes due to the grace period. Secondly, due to the resumption of economic activity, the demand for goods will increase along with imports.

Thirdly, at the end of the year, traders always have high demand for imports through the program of warehousing companies to provide cheap goods as an opportunity for Cambodian businesses to collect, buy and import into Cambodia.

Please be informed that tax is the main source of national income with two sources: first: internal tax revenue as tax revenue and second: customs tax revenue. In the first 11 months of 2021, the General Department of Taxation collected $2.560.12 billion, an increase of 14%. Thus, the total revenue from both customs and excise Cambodia reached $4.625 in tax revenue. Fresh News/Khmer Times