On February 08, 2021, at the Olympia City Hotel, Phnom Penh, Cambodia Post Bank held a “launching ceremony of Cambodia Post Bank for all types of tax collection to the General Department of Taxation of Cambodia nationwide” which allows all customers and the public to pay various taxes such as all kinds of taxes, transportation tax and property tax to the General Department of Taxation through the Cambodia Post Bank.
The event was presided over by H.E Dr. Ken Sambath, deputy director of the General Department of Taxation, H.E Ok Bora, Royal Government Delegation in charge of the Director-General of the Cambodia Post and advisor to the board of directors of Cambodia Post Bank, Mr. Toch Chaochek, CEO of Cambodia Post Bank and senior management of the bank and representatives from the tax department.
Mr. Toch Chaochek, CEO of Cambodia Post Bank said: “Paying taxes is the responsibility of every citizen to support state spending. Taxes are an important source of national income to drive development from the national administration to the sub-national level to meet the needs and the necessity of Cambodians.” Higher tax collection also ensures the sustainability of state expenditures, especially tax revenues, which can be used to build social infrastructure such as schools, hospitals, roads, bridges, parks, and pagodas, etc.
“Cambodia Post Bank is very proud that the General Department of Taxation of the Ministry of Economy and Finance has authorized the bank to collect taxes for the General Department of Taxation. Today, Cambodia Post Bank has total assets of over $1 billion, has a network of 58 branches, including Funan Microfinance Institution subsidiary of CPBank 51 branches, and 77 ATMs nationwide which makes it convenient for customers and the general public to access to pay taxes easily and spend less time,” He added.
H.E Dr. Ken Sambath said “the official launch of Cambodia Post Bank Plc. services for tax collection is aimed at facilitating, promoting, and accelerating the delivery of tax services to taxpayers with greater transparency, accountability, and efficiency. It can bring tax services closer to taxpayers and help reduce difficulties by regaining the trust of taxpayers.”
“The official launch of the Cambodia Post Bank Plc. service to collect taxes is a new page in capturing the potential of the information technology of the General Department of Taxation, under the Ministry of Economy and Finance and the bank itself. “It is also an important contribution to the promotion of e-government and Industrial 4.0 Revolution, especially in responding effectively during the Covid-19 pandemic, which requires to adhere to social distancing,” He added.
In 2020, the bank also launched a number of digital banking systems, including online account applications and online loan applications, rapid credit assessment systems, Visa card processing, mobile banking, bank transfers via Bakong, and retail pay. The bank’s total assets stood at over $1 billion, totaling more than 100,000 accounts and over 50,000 ATM cards providing financial services to Cambodians. In addition to tax collection, Cambodia Post Bank offers a wide range of other financial services, including credit, savings, offers credit and debit cards, domestic and international remittances.