Laos Facing Large Revenue Shortfall
Laos faces rising debt if, as expected, it fails to achieve its tax-revenue target for the fiscal year 2012-13 which ends this month, according to the Ministry of Finance.
Revenue collection over the past 11 months has fallen considerably short, with only 78.38 per cent of the 19.5-trillion-kip (about Bt77.2 billion) target collected. The ministry attributes the failure to unfavourable global economic conditions coupled with an overly optimistic target, set at 27.15 per cent higher than last year.
The ministry admitted that ….