Ministry of Economy reviewing draft new tax law

The Ministry of Economy and Finance is reviewing the draft new tax law with the Ministry of Justice, articles about the criminal code and clauses that go along with other relevant laws, a senior official said. The General Department of Taxation (GDT) has completed the draft law and submitted it to the Ministry of Economy and Finance for reviewing it recently, said the department's director-general Kong Vibol. The GDT has been working on the draft law for years, and it considered various factors including the recent economic developments, he said, adding that the draft law received inputs from the private sector through a tax working group. The bill is aimed to be consistent with the new investment law promulgated for a year, he said. It is also aimed at responding to the international practice of integrating Cambodia's economy in the region and the world in line with the development of society, national and international economy and the advancement of information technology in the digital age, Vibol said. The draft tax bill is expected to be passed at the Parliament by the end of this year, he said. The GDT collected $2,680 million in tax income in the January-September period of this year, representing 95 percent of the national budget plan 2022. Based on the nine-month tax collection result, the GDT will collect 10-15 percent more tax revenue than planned without any problems. (Source: Khmer Times)