Cambodia Collects Nearly US$3bn in Tax Revenue in H1 2024, Reaching 46% of Annual Target

• 15 August 2024
• Uncategorized
• 604 Views

In the first half of 2024, the Cambodian government collected an impressive US$2.909 billion in tax revenue, achieving 46% of the annual target set for the year.

According to a report by the Ministry of Economy and Finance on the implementation of the 2024 budget, customs revenue contributed over US$1.2 billion, or 44% of the target, while tax revenue amounted to US$1.7 billion, equating to 48% of the financial law’s projection.

The report further elaborated that customs revenue fell short of expectations due to a decline in imports of mixed goods, particularly vehicles, as consumer spending contracted. Additionally, the implementation of free trade agreements has also played a significant role in reducing customs revenue collection.

Regarding tax revenue, the ministry cited a sharp decline in income taxes and Value-Added Tax (VAT) on local goods and services as major contributors to the shortfall.

Looking ahead, the Ministry of Economy and Finance estimates that total revenue collection for 2024 could surpass US$5 billion, or 85.5% of the annual target, falling short of the more than US$6 billion initially projected.

• Economy and Finance
• Investment and Funding