Cambodia Collects 43.6 Mln USD In Tax From E-commerce In 7 Months

PHNOM PENH, (UrduPoint / Pakistan Point News - 15th Aug, 2024) Cambodia's General Department of Taxation (GDT) earned e-commerce value-added tax (VAT) income of 43.6 million U.S. Dollars in the first seven months of 2024, the department said on Thursday.

In July alone, the GDT made 6 million dollars in tax revenue from this sector.

The kingdom has begun to collect a VAT of 10 percent on e-commerce transactions from overseas-resident companies such as Google, Meta, Amazon, Alibaba, microsoft, YouTube, TikTok, Mastercard, and Netflix, among others since April 2022.

GDT Director General Kong Vibol has said that VAT on e-commerce transactions was one of potential sources of revenue for the Southeast Asian country.

"We see that this has the potential to further increase national budget revenue in the long run," he said.

GDT is a government agency responsible for collecting taxes such as income tax, salary tax, VAT, and property tax, among others.

GDT made a total of 1.91 billion dollars in tax revenue during the January-July period this year, achieving 46 percent of target for 2024.