Revenue shortfall reported in Champassak province
Revenue shortfall reported in Champassak province
Revenue collection in Champassak province in the first quarter of this year reached 136.6 billion kip, equal to only to 76 percent of the quarterly plan, according to a recent report.
The provincial governor Mr Sonesay Siphandone told Vientiane Times yesterday about the revenue shortfall, clarifying that some sectors are underperforming however the overall economy of the province is still growing strongly.
“I'm confident that the revenue collection will reach or exceed the target plan for the rest of the three quarters,” he said, saying that he would work harder to ensure all sectors related to revenue collection will perform better.
Champassak province, along with Vientiane and Savannakhet provinces, are the major areas where the main sources of revenue are collected for the national budget.
With this in mind, Deputy Prime Minister Mr Somsavat Lengsavad visited Champassak and Savannakhet provinces recently to advise local authorities there to work harder to ensure revenue can be collected as per plan this fiscal year.
The revenue shortfall also forced the government to set up a committee to push for better revenue collec tion, notably in the major provinces of Savannakhet, Champassak and Vientiane.
The move is aimed to ease financial pressures and ensure the revenue collected this fiscal year can respond to the needs of the country's expenditure plan, with extra money needed to boost national development and stabilise the national economy.
The committee comprises seven units that include officials from various relevant sectors such as officials from land, taxes, tariffs, commerce, state property, forestry and the timber business.
Last fiscal year, the revenue collection in Champassak province reached 99 percent of the yearly plan. Despite this achievement, the government wanted more work to be done in order to minimise the country's budgetary tensions.
According to a provincial report, the value of the province's gross domestic product (GDP) for the first quarter of 2013-14 reached 3.3 trillion kip, equal to 43 percent of the yearly plan.
The agriculture sector represented 26.3 percent, the industrial sector 24.9 percent and the service sector 48.8 percent.
The average inflation rate over the past three months stood at 5.7 percent which is lower than the economic growth rate that is expected to be 11.2 percent this year.
The investment sector has seen rapid growth in this province, driven by the improvement of necessary infrastructure including roads and other facilities.
More entrepreneurs are targeting investment in tourism-related businesses and agriculture for commercial purposes.
Champassak is one of the few provinces in Laos that exports more than it imports, its main exports being agricultural commodities including coffee.
In the first quarter of this fiscal year, the value of the province's exports reached US$28.9 million, an increase of 58 percent compared to the same period last fiscal year.
In the same period the value of Champassak's imports reached US$20.8 million, equal to 19 percent of the yearly plan.
vientiane times
