Data automation system links GDT and GDCE

0
133

The Cambodian General Department of Taxation (GDT) and General Department of Customs and Excise (GDCE) launched their data automation system which is intended to strengthen inter-institutional cooperation.

Data automation system links GDT and GDCE
GDT and GDCE launched their data automation system in Cambodia

Local media confirmed the official connection of the key Cambodian institutions on January 18, 2021. The move will “modernise revenue-collection efficiency, transparency and the ease of doing business” according to a press release from GDT.

What will the automation system do? The two tax authorities can now share and exchange important data and information such as corporate tax registrations, corporate import and export declaration documents, sales and purchase records etc.

The GDT added, “The launch of the data-automation system-integration between the GDT and the GDCE exemplifies the newest advances in capturing the potential and opportunities of technology to strengthen inter-institutional cooperation.”

In addition, the system will:

  • Improve data-sharing and updating of growth more accurately.
  • Promote e-government.
  • Reduce the costs of related human-resource activities.
  • Promotes equality of investment and response to the effects of the COVID-19 pandemic.
  • Discourage tax evasion.

The Phnom Penh Post added that the GDT collected 11.70052 trillion riel ($2.88 billion) in tax revenue in 2020 while the GDCE’s revenue collection dropped by 16.2 per cent to $1.272 billion in the first half of 2020 compared to the corresponding period in 2019.

New self-assessment tax classifications

The Ministry of Economy and Finance also issued a prakas for the classification of taxpayers in the Kingdom under the existing self-assessment regime.

Eligibility for the self-assessment regime is based on the annual revenue in the main sectors of agriculture, industry, services and commerce. The self-assessing taxpayers are split into three categories; small, medium and large.

  • Small: Defined by annual revenues between 250 million and 1.6 billion riels or by generating a total revenue for any three consecutive calendar months in excess of 60 million riels.
  • Medium: Defined as having annual gross revenue between 1 billion and 4 billion riels in the agriculture sector, between 1 billion and 6 billion riels in services and commerce and between 6 billion and 8 billion riels.
  • Large: Defined as an enterprise that has an annual gross revenue of more than 4 billion riels in the agricultural sector, above 6 billion riels in the services and commerce sector and in excess of 8 billion riels in industry.

LEAVE A REPLY

Please enter your comment!
Please enter your name here