Month: September 2016

Banks managing foreign currencies to maintain liquidity

[:en]Banks in Laos have implemented stricter controls on foreign currencies notably the Thai baht and US dollar in a move to stabilise exchange rates and sustain the country’s economy. Speaking to Vientiane Times on Wednesday, bankers attributed the move to falling foreign currency reserves because businesses constantly required Thai baht and US dollars to import goods.[:]

Banks Cut Interest Rates On Kip Accounts, Raise For Foreign Currencies

[:en]Commercial banks in Laos have lowered the interest rates charged on loans and offered on Kip accounts in line with a recent decision made by the Bank of the Lao PDR, hoping to stimulate economic activity. Conversely, banks have raised the interest rates offered on Thai Baht and US dollar deposit accounts hoping to build up reserves of these currencies amidst rising demand for the baht and US dollar. Banks informed Vientiane Times yesterday that lowering the interest rates on Kip accounts and loans was intended to encourage people to spend Kip and boost economic productivity.[:]

Arion Legal Welcomes New Senior Legal Advisor

[:en]Arion Legal is excited to announce the arrival of its newest Senior Legal Advisor, Steve Goddard. Steve is a qualified Australian Lawyer with several years’ experience specialising in foreign direct investment under the Cambodian, Myanmar and Lao PDR legal frameworks.[:]

Citizenship, Family Books, ID Cards Awarded To Expatriates In Laos

[:en]Several years ago, the Lao government introduced a policy to reward qualified foreign expatriates in Laos with citizenship if they so desired. Laos also gives family books and ID cards to foreigners who do not want to denounce their original citizenship (permanent residence).[:]

Comba Telecom shares rise on tie-up with Lao government

[:en]Chinese telecom equipment maker, Comba Telecom Systems Holdings, recently announced its plans to buy a 51% stake in Laos’ state-owned telecom carrier, ETL, for $91.8 million.[:]

The ‘New’ VAT on Importation of Goods

[:en]A development in the value-added tax (VAT) sphere of Laos has caused quite a stir on social media recently, following the issuance of a Decision by the Ministry of Finance and its subsequent reporting in the media. Given the ‘hoo-hah’ surrounding the development, we thought we’d weigh in with some commentary on it.[:]

More than a thousand furniture plants ordered to shut down

[:en]The government has ordered some 1,154 family-unit furniture plants across the country to shut down their illegal operations, a government spokesman announced yesterday. Additionally, more than 20 wood processing plants located in or near conservation and protected forests areas were also ordered to close down. The order was approved at the meeting between Prime Minister Thongloun Sisoulith and his deputies that took place on August 29 when the Task Force Committee reported its findings in relation to the illegal operations.[:]

VAT to be levied at border crossings, effective immediately

[:en]All people who enter Laos bringing with them goods valued at over US$50 will have to pay 10 percent of the goods value to the government as VAT, with the decision already in force. This is in line with an order by the Deputy Prime Minister and Minister of Finance Mr Somdy Duangdy, dated 30 August 2016.[:]



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