Customs operations are being digitalised at international border crossings.

Govt modernises tax collection in bid to boost revenue

More than 119,000 businesses are now using the newly-introduced tax management system known as TaxRIS, accounting for 87.7 percent of the 135,789 business units in Laos, according to the Ministry of Finance.
In addition, 64,560 business units, accounting for 67.9 percent of the total, are paying taxes through the TaxRIS system.
The system is part of the government’s policy to modernise tax collection and curb the loss of money owed to the government, through tighter regulation.Lawmakers and economists are increasingly concerned about financial leakages and the evasion of tax/tariff payments, which they say must be urgently addressed.
According to the Ministry of Finance, taxes and fees charged on state assets, loyalties, overflight fees, concessions and dividends have been paid into the national budget through the TaxRIS system. 
The finance ministry also said that 10,500 businesses meet requirements with regard to holding value-added tax accounts and 9,496 of them are actively using value-added tax accounts, comprising 90.4 percent of those targeted.
Deputy Minister of Finance Mr Bounpone Vannachit said the modernisation of the revenue collection system is part of the national agenda to address the government’s economic and financial difficulties.
The government is working to maximise the potential for increasing national revenue while also taking steps to minimise the loss of money owed to government coffers through illegitimate practices.
The sectors involved have been urged to facilitate the growth of business and create new sources of income to enable the nation to overcome the severe economic challenges it faces.
This year, the Ministry of Finance has set a revenue collection target of 38,448 billion kip, an increase of 21.70 percent year-on-year. The target figure is equal to 16.42 percent of Gross Domestic Product (GDP).
On the other side of the balance sheet, gross expenditure is projected to be about 43,498 billion kip, equal to 18.58 percent of GDP. To achieve its goals, the government has pledged to improve the investment climate, facilitate economic activities, and provide more support to the private sector.
The government also plans to introduce tighter controls, including the electronic customs declaration system, known as ASYCUDA, and the Smart Tax system to minimise financial leaks.
Under the Lao National Single Window (LNSW) system, customs operations are being digitalised and trade formalities simplified by deploying the single window system at international border crossings.
The Boten International Customs Checkpoint at the Laos-China border employs modern systems such as ASYCUDA, Smart Tax, Scanner, EasyPASS, and the Lao National Single Window system.

By Times Reporters
 (Latest Update January 17, 2023)