The government’s tax revenue
increased for the first five months of the year, but despite recent reforms,
the growth rate is at a slower pace than for the corresponding period last
year. According to data from General Department of Taxation (GDT) released on
Wednesday, the state collected about $443 million in taxes from January to May,
compared with $394 million over the same period last year. Between January and
May of the year, the tax revenue increased in all sectors, which shows that
revenue from taxes on salaries rose 19.2%, those from company income went up
about 20% and VAT revenue increased nearly 6%. But the overall increase of
about 12.5% represents a deceleration compared with the 20% rise in 2013 from
2012 in the same period.
Slowed growth of tax revenue
comes down to the enforcement, or lack thereof, of proper tax rates on the
border, introduced by the government last year. Unrest in Thailand, leading to
less imports, also played a role. Many traders delay their imports due to
higher costs. And the situation in Thailand recently also affects the revenue
because we import both raw and finished products from Thailand. A lack of
resources in the tax department also plays a role. Meanwhile Kong Vibol, Head
of GDT said in the statement he was encouraging taxation officers to continue
enforcing the law and adhere to a professional code of ethics in order to
improve the work efficiency.
Source:
http://www.phnompenhpost.com/business/tax-revenue-rises-slower-pace
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