Laos boosts revenue collection
Laos boosts revenue collection
The Tax Revenue Management Information System (TaxRIS), the new payment platform for Easy Tax and Smart Tax, has become a new tool employed in Laos as part of steps to boost efficiency and transparency in revenue collection.A day-long training session for tax officials from across the country was held on Tuesday to deepen their understanding of monitoring businesses’ accounts and regulatory issues related to the TaxRIS system.
Addressing the meeting, Deputy Director General of the Tax Department under the Ministry of Finance, Mr Khamphene Boubphavong, said the aim of using more advanced technologies in revenue collection was to ensure transparency and efficiency.
“Tax collectors need to take the initiative and gain insight into the system so they can carry out their work successfully,” he said.
In addition, the finance sector hopes digital integration at various checkpoints will boost revenue collection and provide easy access to e-payment for local businesses.
The systems for Easy Tax, Easy Pass and Smart Tax have been installed at different checkpoints and integrated with banking systems.
This year, the Ministry of Finance expects to collect 28,997 billion kip in revenue or 16.31 per cent of GDP, an increase of 9.4 per cent over the 2019 plan.
To fulfill the 2020 financial plan, the government has prioritised the reform of public finance management through the effective use of advanced technologies, strategic measures and regulatory steps.
Officials who took part in the meeting learnt about the management modules of TaxRIS and other relevant issues to ensure more effective use of the new technology in public finance management.
The finance ministry has received the advice of experts and funding from the EU, World Bank and other organisations to modernise public finance management.
TaxRIS aims to modernise revenue management in line with government policy and international best practices for accountability and transparency.
