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IMF Commends Cambodia For Revenue Measures

by Mary Swire, Tax-News.com, Hong Kong

18 November 2015


The International Monetary Fund (IMF) has welcomed recent revenue-enhancing measures adopted by the Cambodian Government, but said that more needs to be done to strengthen revenues.

In 2012, the Cambodian authorities launched the Revenue Mobilization Strategy (RMS), which focuses on strengthening revenue administration and tax policy to raise the tax-take relative to the size of the economy by 0.5 percent annually.

The IMF said in its 2015 Article IV Consultation report for Cambodia that the RMS drove up tax revenues by around 2.2 percentage points of GDP in 2014. However, increased spending has put government finances under pressure, and the overall deficit is expected to widen to around two percent of GDP this year, it said.

The IMF urged the Government to carry out a "sustainable and systematic" implementation of the RMS and to focus on its key elements, including reviewing excises and value-added tax (VAT) thresholds, rationalizing tax incentives, and enhancing the institutional framework.

TAGS: tax | economics | value added tax (VAT) | tax incentives | fiscal policy | revenue guidance | gross domestic product (GDP) | International Monetary Fund (IMF) | Cambodia | tax breaks | tax reform

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