Smart Tax card makes customs payments easier
Smart Tax card makes customs payments easier
The Ministry of Finance and Banque pour le Commerce Exterieur Lao Public (BCEL) have launched the Smart Tax card, which will simplify the payment of taxes and duties by importers and exporters at border crossings.
The Smart Tax card was officially launched on Tuesday at a ceremony attended by Deputy Prime Minister Dr Bounpone Bouttanavong, Minister of Finance Dr Lien Thikeo, Governor of the Bank of the Lao PDR Mr Somphao Phaysith, and senior officials from relevant sectors.
Speaking at the ceremony, Dr Lien said the revenue from taxes and duties collected at international customs checkpoints accounted for 30 percent of total government revenue.
However, it had been observed that the system of payment of taxes and duties at customs checkpoints was slow and cumbersome, and involved many steps.
In addition, business operators made payments using large amounts of cash, which was inconvenient and allowed for loopholes in revenue collection.
In an attempt to remedy the situation, officials from the ministry and BCEL looked at how the payment of taxes and duties could be updated, while also speeding up the system and making it more transparent.
The two sides decided on the Smart Tax card, and now plan to use it instead of cash payments and money transfers through the banking system .
The card can be used to pay taxes and duties on exports and imports by both business operators and individuals.
“This method will enable customs officials to offer a swifter service and will make the whole process easier for those making payments. It will also save time, ensure transparency, and make the system easier to audit,” Dr Lien said.
He also noted it would help with integration into regional and international business operations, especially the Asean Economic Community which comes into being next year.
The Smart Tax card has been tested at the Thanaleng checkpoint in Vientiane over the past month. It has proved to be easy to use and no mistakes have been observed.
A large number of export and import businesses have already obtained and used the card, Dr Lien said.
Based on its success to date, the card will be used at other international checkpoints across the country.
Dr Lien said a system would be devised for use in warehouses at state enterprises and border checkpoints to oversee the final procedures for releasing goods from warehouses.
The finance ministry will develop a revenue management system using the card to ensure the ministry is able to collect revenue more efficiently.
vientiane times
