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CAMBODIA A Roadmap for Tax Expenditure Assessment January2026 Prepared ByArtur Swistak, Mansoo Kim, Ross Warwick and Marius van Oordt ©2026 International Monetary Fund [HLS/017/26] High-LevelSummary Technical Assistance Report Fiscal Affairs Department CAMBODIA—A Roadmap for Tax Expenditure Assessment Prepared by Artur Swistak, Mansoo Kim, Ross Warwick and Marius van Oordt TheHigh-LevelSummary Technical Assistance Reportseries provides high-level summaries of the assistance provided to IMF capacity development recipients, describing the high-level objectives,findings, and recommendations. ABSTRACT:This technical assistance report responds to Cambodia’s Ministry of Economy and Financerequest to support the development of a comprehensive framework for assessing tax expenditures. Thereport finds that Cambodia’s tax expenditures are widespread, costly, and largely unreported, withpreliminary estimates pointing to sizeable fiscal cost. The assessment covers four major taxes—Personal Keywords: Tax Expenditure; Tax Policy This technical assistance (TA) was provided with financial support from the Government of Japan. The contents of this document constitute a high-level summary of technical advice provided by the staff ofthe International Monetary Fund (IMF) to the authorities of Cambodia (the "CD recipient") in response totheir request for capacity development. Unless the CD recipient specifically objects within 30 business International Monetary Fund, IMF PublicationsP.O. Box 92780, Washington, DC 20090, U.S.A.T. +(1) 202.623.7430 • F. +(1) 202.623.7201publications@IMF.org Background Cambodia has embarked on a medium-term Revenue Mobilization Strategy (RMS) aiming to increase taxrevenue from 12.5 percent of GDP in 2024 to at least 14 percent by 2028. Recognizing the significanterosion of the tax base by various tax expenditures, especially investment incentives, the governmentisprioritizingimproving transparency and management of these tax reliefs. The Ministry of Economy and The mission, conducted in late 2025, focused on assisting Cambodia in defining benchmark tax systems,identifying and costing tax expenditures, and preparing for the inaugural Tax Expenditure Report. Thisinitiative builds on prior efforts, including a preliminary 2025 Tax Expenditure Study by theauthorities’Tax Summary of Findings The technical assistance mission found that Cambodia’s tax expenditures are extensive, complex, andimpose a significant burden on the taxsystem.Thesetax expenditures arise from a diverse array ofstatutory tax reliefs embedded in the Law on Taxation, investment tax incentives under the Law onInvestment,anddiscretionarytaxconcessions granted by various authorities,includingcontractual The mission emphasized the absence of clearly defined benchmark tax systems for the major taxes,which hampers consistent identification and costing of tax expenditures. For personal income tax, aconceptual dual income tax benchmark separating labor and capital income is recommended. Forbusiness income tax, a broad-based profit tax benchmark with a uniform 20 percent rate is advised. The Data quality and availability were identified as key constraints, particularly the need for improved accessto microdata from tax returns. The mission developed preliminary costing models, including a VATmicrosimulation model using Cambodia’s Social Accounting Matrix and household survey data, whichrevealed that many VAT exemptions poorly target lower-income households. The mission also highlighted The report underscores the importance of institutional arrangements, recommending that theMEF’sGeneral Department of Policy lead thetax expenditure assessment projectwith active collaboration from Summary of Recommendations The report recommends that Cambodia commit high priority and sufficient resources to the taxexpenditure assessment project, aiming to produce its first comprehensive Tax Expenditure Report by theend of 2026. This requires agreeing on the scope and timeline, clearly defining benchmark tax systems To improve costing accuracy, the authorities should enhance data quality and access, includingdeveloping microsimulation models for personal and business income taxes and adopting a VATmicrosimulation model based on forthcoming Supply-Use Tables and household expenditure data. The report advises integrating tax expenditure reporting into the budget preparation process andembedding this obligation inPFMlegislation to ensure transparency and accountability. It cautions While evaluation of tax expenditures’ effectiveness is important, the report recommends separating thisfrom thetax expenditure assessment and reportingprocess to avoid politicization and delays.Futureevaluation efforts should focus initially on the costliest tax expenditures, such as QIP tax holidays, Finally, the report encourages the authorities to review and rationalize tax expenditures as part of broadertax reforms, particularly for personal income tax an