Cambodia raises $43.6 Million in e-commerce tax revenue in seven months

Economy and Industry

Cambodia raises $43.6 Million in e-commerce tax revenue in seven months Cambodia's General Department of Taxation (GDT) reported $43.6 million in e-commerce value-added tax (VAT) revenue during the first seven months of 2024, with $6 million collected in July alone. Since April 2022, the country has implemented a 10% VAT on e-commerce transactions involving overseas companies like Google, Meta, Amazon, Alibaba, Microsoft, YouTube, TikTok, Mastercard, and Netflix. GDT Director General Kong Vibol emphasized the growing importance of VAT on e-commerce as a substantial revenue stream for Cambodia. He noted its potential to further enhance the national budget over time. The GDT, responsible for various tax collections including income, salary, VAT, and property taxes, reported a total of $1.91 billion in tax revenue from January to July 2024, achieving 46% of the year's target. (Source: Khmer Times)

MISTI and ARDB to collaborate on expanding financial services for the food processing sector The Ministry of Industry, Science, Technology & Innovation (MISTI) and the Agricultural and Rural Development Bank (ARDB) have explored potential collaborations to expand financial services, particularly within the food processing industry. Minister Hem Vanndy praised ARDB's support for agro-processing sectors, underscoring its significant impact on businesses and SMEs. The ministry's key priorities include promoting manufacturing, upgrading SMEs, reforming the STI National Laboratory, and enhancing public service accessibility. ARDB CEO Kao Thach expressed gratitude for the opportunity to align with the ministry's priorities and strengthen cooperation. He encouraged ARDB to engage closely with Cambodian entrepreneurs, citing the positive growth in the manufacturing sector and the need for innovative financing solutions. Vanndy also stressed the importance of maintaining high standards in quality, safety, hygiene, and innovation within Cambodia's food product sector to achieve international export recognition. (Source: Khmer Times)

Cambodia's exports to the US rose by more than 6% YoY in the first seven months of 2024 Cambodia's exports to US totaled over $5.5 billion, 6.4% YoY rise in the first seven months of 2024. During this period, Cambodia imported $154 million worth of goods from the US, marking an 8.9% YoY rise, and $7.7 billion from China, a 23.4% YoY increase. Bilateral trade with China grew by 23% YoY, while a bilateral trade with US increase by 6.5% YoY. Cambodia's global exports exceeded $14 billion, a 14% YoY rise, with exports to Vietnam up by 37.7% YoY and imports up by 12.9% YoY, resulting in a trade volume of $4.6 billion - a 23.5% YoY increase. However, exports to Thailand dropped by 6.4% YoY, while imports rose by 13.4% YoY. The country's top exports included apparel and clothing accessories, amounting to $3.4 billion and $1.8 billion, respectively, from January to July. (Source: Phnom Penh Post)

Corporate News

PPAP posted a modest increase in Q2 net profit, rising 4% YoY, alongside significant growth in cargo volumes Phnom Penh Autonomous Port (PPAP) reported a 4% YoY increase in net profit for Q2 2024, reaching $2.9 million, with quarterly revenue rising 16.6% YoY to $10.3 million, up from $8.8 million. This growth was driven by higher container throughput, cargo volumes, gas fuel, and barge activity. However, in the first half of 2024, net profit decreased by 6.7% YoY to $4.4 million, despite a 12.2% YoY rise in revenue to $18.3 million. In July, container throughput increased 12.8% YoY to 55,265 TEUs, while cargo and gas fuel volumes grew by 18.4% YoY to 471,547 tonnes. Over the first seven months of 2024, container throughput rose 15% YoY to 259,879 TEUs, with 2.7 million tonnes of cargo and gas fuel handled - a 11% YoY increase from last year. Additionally, the number of ships calling at PPAP increased by 9% YoY to 3,123 vessels, and passenger traffic surged by 71.8% YoY to 18,620 during the same period. (Source: Kiri Post)

Stock Market

CSX index flat amid selective stock movements on August 15, 2024 On August 16, 2024, the CSX Index closed unchanged at 413.9 points. Notable gains were observed in PPAP (+0.97%) and PEPC (+0.41%), while PPSP (-0.44%) and PAS (-0.33%) saw declines. PWSA, GTI, ABC, MJQE, and CGSM remained steady. On the growth board, DBDE held steady, and JSL increased slightly by 0.29%. The total trading volume for the day reached 100,002 shares, with a cumulative trading value of KHR 575 million. (Source: YSC Research)

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