Champassak hopes to achieve revenue collection plan
Champassak hopes to achieve revenue collection plan
Champassak provincial finance department reported that the province has collected about 760.9 billion kip (US$95.11 million) in income and revenue for the first nine months of this fiscal year 2013-14.
The 760.9 billion kip amounts to about 89 percent of the total fiscal year plan and was also around a 19 percent increase compared to the same period last year, according to the department report.
The income and revenue collected was from various business sectors including taxes from land, tariffs, commerce, state property, forestry and the timber industry. The department reported that the 760.9 billion kip also included taxes from the wooden product supply industry of around 12.12 billion kip (US$1.51 million).
Ninety percent of the total income was contributed to national revenue with the rest of the 10 percent for provincial uses, the report noted.
For the last three months of the fiscal year, the province expects to have revenues of more than 307 billion kip (US$38.37 million).
To meet the plan, the provincial finance department officials have to work hard on technical training and improvements to operational systems, have more cooperation with other divisions and sectors, inspect and re-examine all the business operators' incomes to see if they pay tax and duty accurately.
Some businesses in the province do not hold bank accounts, which makes revenue collection more difficult.
Following financial regulations an d laws, those who have violated the laws leading to the state to lose revenue will face legal action and will be forced to pay the correct amount of tax.
The Lao government set a plan for revenue collection higher than what was achievable in an effort to respond to the demands of national developmen t.
In the 2013-14 fiscal year, the national government has set revenue targets of at least 25,047 billion kip, representing 27.63 percent of the Gross Domestic Product (GDP). The budget expenditure has been limited to 29,580 billion kip or 32.63 percent of GDP.
Champassak is one of 18 provinces in Laos and is located in the southern part of the country. It has an international airport, Vangtao checkpoint (Lao-Thai border) and Nongnokkhien checkpoi nt (Lao-Cambodian border).
The province has investment projects from both local and foreign investors, including hotels, guesthouses, resorts, restaurants, entertainment venues, industrial production, trade operations, processing industry and the financial service secto r.
Champassak province also has a large land area on the Bolaven plateau for rice, small crops and livestock breeding.
Most of the produce grown or raised in Champassak is delivered to the neighbouring countries of Thailand, Vietnam and Cambodia and also for local supply.
vientiane times
