The Cambodian government launched a Financial Management Information System (FMIS) and tax data management system to streamline government financial information.
The intention is to link key ministries and provincial treasuries to upgrade the budget, accounting and auditing process for public financial management.
Ministry of Economy and Finance secretary of state Hean Sahip, who presided over the launch said last Tuesday the FMIS has been implemented within all core institutions involved in finance and budgets nationwide.
The FMIS connects to the National Bank of Cambodia, other partnered commercial banks, public debt management systems and non-fiscal tax revenue management systems.
“The system is proving successful in terms of public management reform policy and tax revenue efficiency,” he said.
General Department of Taxation (GDT) director-general Kong Vibol said his department has been upgrading modernisation and automation when it comes to tax revenue collection.
He said: “The General Department of Taxation has provided the mediation tool between the General Department of Customs and Excise on the revenue collection system and will introduce the vehicle management system for the Ministry of Public Works and Transport in the future.”
The vehicle management system refers to the registering and selling of vehicles.
Anthony Galliano, group CEO of corporate finance firm Investment Management, told The Post on Sunday that the FMIS is a pivotal achievement in the expeditious and efficient management of government financial information.
He said: “The benefits will initially be realised in the public sector, particularly in automation and productivity gains, greatly improved oversight and transparency of information, and more expedient handling and processing of key government revenue data.
“Information is undoubtedly a valuable tool, so subsequently I would expect FMIS to expand into further areas of revenue collection data that will impact the private sector.
“The private sector will benefit by what will be a vast improvement of the processing of public financial management, which can result in improved efficiency in government ministries and provincial treasuries, and consequently an upgraded and improved service to the private sector.”
Cambodia collected $6 billion in tax revenue last year, up more than $1.48 billion from the government’s $4.56 billion target.
The General Department of Customs and Excise took in $2.26 billion while the GDT netted $2.3 billion. Source from Phnom Penh Post.
With the delay of new tax on real estate profit, on the one hand,the tax system of Cambodia are completing. On the other hand, although the real estate marketa are quiet this year but the completing tax system makes the market more scientific. A scientific tax system could guarantee the revenue of the country and keep the order of the market.
