Minister of Finance, Mr Santiphab Phomvihane (left) presents the ‘best taxpaying business’ trophy and certificate of excellence to Phu Bia Mining Chairman, Mr Chanpheng Bounnaphol at the Ministry of Finance’s awards ceremony  recently in Vientiane.

Phu Bia Mining recognised as best taxpaying business in Laos

Phu Bia Mining (PBM) was awarded the ‘Best taxpaying business’ trophy and Certificate of Excellence for the fiscal year 2021 from the Ministry of Finance.
The award presentation ceremony was held at the Ministry of Finance on Wednesday. Minister of Finance, Mr Santiphab Phomvihane presented the trophy and certificate to Phu Bia Mining Chairman, Mr Chanpheng Bounnaphol. This is the second consecutive year PBM has been granted this honourable award.
To meet tax obligations in Laos, the Ministry of Finance letter grades companies, with ‘A’ being the highest. Phu Bia Mining has received A’s for paying regular and on-time taxes, continuing to provide an annual review and sustainability report, passing government audits with no outstanding debt balances, and having zero penalties for delaying tax obligations.
Commencing operations in 2008, the Company’s direct payments to the Government of Laos have reached over US$925 million, made up of royalties, salary, road, profit taxes, dividends and other concession and import services fees. The Phu Kham Copper-Gold Operations and the Ban Houayxai Gold-Silver Operations have achieved cumulative production of over 900,000 tonnes (t) of copper in concentrate, more than 1 million ounces (oz) of gold, and 12 million oz of silver.
PanAust Managing Director and Chief Executive Officer Mr Daling Zheng spoke about PanAust’s commitment to economic contributions to Laos. Mr Zheng said, “We thank you, the Government of Laos, for this most prestigious award, recognising Phu Bia Mining as a responsible foreign investor that complies with the host country’s tax obligations.”
“As a large taxpayer in Laos, we have a positive outlook to generate more tax payments for the Government of Laos and support the Lao economy,” He added.
Mr Chanpheng Bounnaphol added “We are pleased to be recognised as the best taxpaying business for two consecutive years. This award enables us to continue our ambitions to have a strong presence in Laos and continue to make more social and economic contributions.”

By Advertorial Desk
 (Latest Update April 10, 2023)