Luang Prabang expecting over 237 billion kip revenue
Luang Prabang expecting over 237 billion kip revenue
Luang Prabang province collected revenue of more than 102.3 billion kip in the first six months of the fiscal year, which was over 43 percent of the yearly plan set at about 237.55 billion kip.
“Almost 80 percent of the 237.55 billion kip will be made up of tax and duty collections from the trade and service sectors,” the provincial Finance Department representative, Mr Somnith Khomthavong, said yesterday.
The remaining 20 percent will be from other services including tax on land and assets, as well as service fees.
“Of the around 80 percent of income [from the trade and service sectors] more than 50 percent of that will be from the tourism business sector,” Mr Somnith said.
Adding that, the income from tourism had been increasing each year.
He said the province expected to achieve revenue of more than 603 billion kip (around US$75.37 million) in the next five years from tourism operations due to growth in the sector.
The department reported the 603 billion kip would include around 237.55 billion kip from this fiscal year 2014-15 with the rest coming from up to and including the 2018-19 fiscal year.
This fiscal year, the provincial government's income will mainly come from business tax and duty collections, including land tax.
The earnings will also includ e revenue from border check points and income from provincial government asset management and state business operations. Authorities will continue to target these areas in future as key revenue generator s.
Due to its wonder, UNESCO declared the town a World Heritage Site in 1995 and since then tourist arrivals have risen with each passing year.
In 2013, the number of overseas visitors to Luang Prabang reached 343,000 people and the province has set an ambitious goal for tourist arrivals to hit the 500,000 mark this year.
In 2014, more than 390,000 people visited the province, generating over (US$150 million) for the local economy, up 16 percent from 2013.
Luang Prabang provincial authorities plan to spend billions of kip to upgrade tourist attractions in anticipation of more visitors when the Asean Economic Community comes into being later this year.
Among the places slated for improvement are facilities at various caves, Phousy hill and Kuang Si waterfall.
Improvements will also be made to sites in Chomphet and Pak Ou districts, according to a report from the provincial Information, Culture and Tourism Department.
Luang Prabang is the former capital of the Lane Xang Kingdom, or the Land of a Million Elephants.
At present, there are 228 officially designated tourist sites in the province, including temples, caves, and waterfalls.
Luang Prabang was voted ‘Best City' in the Wanderlust Travel Awards 2015. Readers of Wanderlust, a leading British travel magazine, also voted the town as one of the top two cities in the world to visit for 2014.
Wanderlust readers previously ranked Luang Prabang as “best tourist destination” for three consecutive years from 2006-2008. It lost the top ranking in 2009 but was still in the top 10 in the same category before again topping the list from 2010 to 2012.
