Phu Bia Mining retains‘Best Taxing Business’ Award

Phu Bia Mining (PBM), a leading mining company in Laos, on February 21 was once again given an award for being the ‘Best Taxpaying Business’ in Laos. 
The company received a trophy and a Certificate of Excellence for the fiscal year 2022 from the Ministry of Finance, making it the third consecutive year the company has been awarded for its outstanding performance in relation to tax payments.

Mr Santiphab Phomvihane (right) presents the award to Mr Steve Gimpel.

The Managing Director of Phu Bia Mining, Mr Steve Gimpel, was presented with the award by the Minister of Finance, Mr Santiphab Phomvihane, at the Ministry’s awards ceremony in Vientiane.
To meet the stringent tax obligations in Laos, the Ministry of Finance grades companies, with ‘A’ being the highest possible standard.
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 payments.
Commencing operations in 2008, the Company’s direct payments to the government of Laos have surpassed US$1 billion, made up of royalties, salary, road and 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 989,999 tonnes of copper in concentrate, 1,188,647 ounces of gold, and 14,575,566 ounces 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 “As a responsible foreign investor we prioritise our compliance with Laos’ tax requirements. We thank the government of Laos for this important award and for once again recognising Phu Bia Mining as an important taxpayer in Laos.”
“We continue to have a positive outlook for the future and to continue to generate more tax payments for the government of Laos and to support the Lao economy,” Mr Zheng said.
PBM Chairman Mr Chanpheng Bounnaphol added “We are pleased to be recognised as the best taxpaying business for three consecutive years. This award reflects our ongoing commitment to Laos and enables us to continue making more contributions that benefit the country both socially and economically.”

By Advertorial Desk
 (Latest Update March 1, 2024)