Dok Ngiew Kham Group pays US$6.3m in taxes
Th e Dok Ngiew Kham Group, which operates the Golden Triangle Special Economic Zone in Bokeo province, presented US$6,300,000 in taxes owed to the government for the period 2009 to 2014.
Of this amount, 70 percent will b e used by the government to build a concrete road from Namkeung village to Mom village in Tonpheung district, Bokeo province, as well as an embankment. The government will use the remainin g 30 percent for other purposes.
Dok Ngiew Kham Group President Choi Wai presented the funds to Deputy Minister of Finance Santiphab Phomvihane in the presence of Deputy Prime Minister Somsavat Lengsavad.
The Lao government and Chinese developers recently amended an agreement relating to the Golden Triangle Special Economic Zone, involving land issues, management, coordination, investment activities and shareholdings.
The changes aim to ensure that the project benefits the government, the developers, and local people.
In 2007, the Golden Triangle area in Tongpheung district, bordering Thailand and Myanmar, was designated for development as an economic and tourism zone.
Under the initial agreement, the project covered an area of 827 hectares and the investment value amounted to US$86.6 million.
The government held 20 percent of the project's shares and the developer the remaining 80 percent. The concession period was 50 years and could be extended for another 25 years.
Following the amendment of the Law on Investment Promotion in 2009, the government upgraded the area to a Special Economic Zone in 2010, extending the area to 3,000 hectares with a 99 year concession.
Bokeo province is directly connected to Thailand and China following the construction of the fourth Lao-Thai Friendship Bridge across the Mekong River. The bridge is an important boost for trade, investment and tourism in northern Laos.
Special economic zones are a form of development aimed at attracting foreign investment and generating job opportunities for local people as well as helping to drive the country's economic growth.