The signing on Friday of a memorandum of understanding (MoU) between the Ministry of Economy and Finance and ANZ Royal will see customers of the bank able to make tax payments in local currency and in US dollars online as well as at any branch from this coming April.
ANZ Royal becomes the sixth bank in Cambodia to serve as a tax payment service, with the others including ACLEDA Bank, Canadia Bank, Wing Limited Specialized Bank, Cambodia Public Bank, and Vattanac Bank. The agreement also sees corporate tax payment services and expanded capabilities on its ‘ANZ Transactive’ digital platform offered by the bank, which is a joint venture between the Australian and New Zealand Bank Group and Kith Meng’s Royal Group.
“We are pleased to launch this innovative digital solution to the market, which will not only save our customers time, but offers a convenient and secure way for them to manage their tax payments,” said ANZ Royal Leonie Lethbridge. “This increase in capability will also help with managing compliance, endorsing timely taxation payments, irrespective of where the payer is physically located.”
According to an annual report from the General Department of Taxation (GDT), tax revenue from 2016 was about $1.49 billion, an increase of 14.94 percent compared to 2015. Last year’s total was around five percent better than the target set by the 2016 Finance Act.
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