To achieve this goal, the Ministry of Finance has pledged to modernise customs management systems at the main border checkpoints as part of efforts to plug loopholes resulting in financial leaks
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Under the new rules, non-resident e-commerce and digital platform providers must register for a tax identification number (TIN) via an online portal to file and pay their taxes. Further, they must register and pay value-added tax (VAT) if their annual revenue meets a certain threshold.
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A Labour Registration and Data Platform will be set up in Vientiane for the compilation of information concerning both Lao and foreign nationals working in Laos.
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Revenue earned from potential mining operations, revamped state enterprises and from other as yet untapped sources will be used to pay debts amounting to almost US$14 billion
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The Ministry of Finance, on behalf of the government, has issued an instruction on the suspension and waiver of income tax payments as well as postponement of the payment of the annual road tax for 2021.
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The impact of the coronavirus on the economy has driven revenue collection back by three years, the deputy prime minister has told the National Assembly
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Laos will not be able to achieve the target for tax collections this year due to the Covid-19 crisis and the implementation of the adjusted new tax law.
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In the wake of continuing revenue shortfall, the government is planning to secure more than 7.35 trillion kip this year to cover its expenditure needs.
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The Ministry of Finance has announced it will implement 10 significant measures for the rest of the year to achieve the projected target of collecting revenue worth 23.48 trillion kip.
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