PHNOM PENH, Feb. 18, 2010 (Xinhua) -- Phnom Penh municipality's tax revenues in 2009 plummeted 36 percent to 37.6 million U.S. dollars, local media reported on Thursday, citing the statistics released by the municipality.
The Cambodia Daily quoted economists as saying the decrease shows the worst effects of the economic recession last year, particularly in the real estate sector where sales were stagnated, and other major sectors such as tourism and garments also played a role in the slump.
Om Chan, director of the municipal tax department, blamed the world economic crisis for reducing taxable revenues in construction and manufacturing, adding "major building construction shut down and did not work," according to a presentation he gave at City Hall on Monday.
No comments:
Post a Comment