Tax Dept targets over 4.3 trillion kip for final five months
Tax Dept targets over 4.3 trillion kip for final five months
The Taxation Department of the Ministry of Finance is forecasting tax collection revenue across the country to reach its goal of 4,394 billion kip for the last five months of this fiscal year.
According to its recent report for first seven months of the 2015-2016 fiscal year, tax revenue collected in Vientiane reached 2,343 billion kip while the other provinces attained 2,051 billion kip.
The department was also predicting an improved tax base from 470 large business units amounting to around 500 billion kip.
The Tax Department will continue to collect 9.6 billion kip in tax from 2,658 stored vehicles as well as 140 kip per litre for fuel amounting to 15.1 billion kip for final five months of the fiscal year.
Salary tax collections from Phubia Mining in Xaysomboun province were expected to reach 7.8 billion kip. The department is also stepping up collection efforts among large companies, which should see it achieve its goal of 134.5 billion kip.
Business collections increased for the first three months of this year, with January up 30.2 percent, February 38.3 percent and March up 6.2 percent. This compares favourably to the same period last year when revenue collection fell 311.5 billion kip short of their target.
To attain its overall 4.394 billion kip figure for the final five months, the department is implementing technological improvements such as its Easy Tax System which allows firms and individuals to pay tax electronically through the banking system.
The department plans to add land tax and road tax to the scheme, which should be available next year.
However, the Taxation Department noted that overall revenue collections across the country decreased by 5.1 percent during the first seven months of 2015-2016 compared to the same period in 2014-2015.
