Khammuan hopes to gain increase in tax revenue
Khammuan hopes to gain increase in tax revenue
Khammuan province plans to earn more revenue through a 5-10 percent tax increase from the export of minerals and other investments.
The provincial Finance Department Deputy Director, Mr Khamma Keosikanya told Vientiane Times yesterday that the department expected the export of a number of minerals such as iron ore, potassium and gypsum to be higher this year.
The province hopes the revenue from the ministry and local or provincial sectors will be around 536 billion kip, which is an increase of around 33.89 percent compared with last year.
From October to April of this fiscal year, the province collected 267 billion kip, which is 49.76 percent of the plan, according to the provincial Finance Department's report at a meeting in the province on Tuesday.
The Lao government collected 133 billion kip and the provincial sector collected a total of 134 billion kip.
Last year the province earned a tax incom e of only 97 percent of the plan however compared to the 2011-12 fiscal year it was much higher, Mr Khamma said.
The income figure for this year's plan is expected to help boost funds for local development such as the government policy of ‘three builds' .
However, the department is still struggling with the lack of cooperation from businesses in contributing to tax for the developments.
Land tax collection has also not reached their target and several businesses do not report their income accurately.
In order to solve this problem the provincial authorities, especially the department, need to take responsibility in collecting income reports and reach their target through encouraging entrepreneurs.
The department intends to seek effective ways for financial improvement.
In the past year, the industry and handicraft sectors have generated more than 500 billion kip, which was 99.72 percent of the province's set target.
The total value of the province's exported goods was US$86 million, which achieved 76.67 percent of the plan for annual export.
The province's GDP reached 4,389 billion kip (approximately US$548 million), which was a 12.78 percent increase from 2011-12.
vientiane times
