Vientiane tax take increases
Vientiane tax take increases
Vientiane Taxation Department (VTD) has increased tax revenue collections in the capital by 1.13 percent for the first eight months of the 2015-2016 fiscal year compared to the same period last year.
Director General of the VTD, Mr Khamphan Malabandid reported recently that revenue collections for the first eight months of 2015-2016 were 537 billion kip.
VTD figures showed collections from general business units reached 489 billion while taxes from state property management were 42 billion kip and state enterprises financial management more than 855 million kip.
Mr Khamphan explained that to reach its goal for this year VTD is rechecking on numerous business sectors.
VTD is also inspecting medium and large enterprises to ensure they comply with the law and are paying their taxes, especially 1,543 businesses that previously reported no revenue or profits.
Minister of Finance, Mr Somdy Duangdy advised VTD to produce regular weekly reports so they could quickly address any problems that arose and to ensure it had an efficient budget plan for revenues and expenses.
Mr Somdy told the department to accelerate fine-tuning the tax management system for the next fiscal year so revenue collection was well-organised.
The Taxation Department of the Ministry of Finance has recently improved its revenue collection via electronic means with the Easy Tax System.
It allows tax to be paid through the banking system, making it more convenient for tax payers and more efficient for authorities.
The Taxation Department plans to improve the Easy Tax System by adding land tax as well as road tax, which should be available next year, to increase revenue for the country's development.
