Tax authority reveals new target

The General Department of Taxation (GDT) has announced that it aims to increase revenue from tax collection by 19 percent with a new strategy for the next four years based on sustainability and fair competition in the private sector.

The tax authority revealed its plans during a meeting with the private sector as part of a mechanism to sit both sides at the negotiating table, and said that getting more companies to join the regulatory fold was essential to achieve their tax collection goals, according to a statement issued yesterday by GDT.

Kong Vibol, GDT’s general director, said the drafting of a new strategy for tax collection for the years 2019-2023 is nearly finished. He said the new plan will focus on increasing tax collection sustainably, while strengthening fair competition and social justice.

“Our goal is to reform policies to ensure fairness, equality and accuracy in tax payment and collection and to ensure we keep increasing our revenue from tax collection.

“For 2019, GDT has been studying the reform of the basic tax stamp calculation on property ownership transfers, the special tax on goods and services, the public tax and the auditing process, as well as other articles that are essential for tax collection implementation,” Mr Vibol said.

Te Taing Por, president of the Federation of Associations for SMEs of Cambodia, told Khmer Times that details on the new tax collection plan were scarce.

“They have not giving us many details. All we know is that they are trying to collect 19 percent more through taxes.

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