Laos Archives - Page 2 of 3 - McDonald Patafta & Associates Lawyers

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 donates supplies to local Court

[:en]Arion Legal’s engagement with the legal community in the Lao PDR has developed further recently with members of our Vientiane office visiting the local Lao People’s Court Zone IV and speaking with judicial officials, including the Deputy President, Mr. Somphavanh Rardsavong, regarding some of the challenges of practicing law in Lao PDR.[:]

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.[:]

Lao Securities Issues Warning on Dubious Financing Companies

[:en]The Lao Securities Commission Office is advising people considering making deposits with financial institutions to make a careful assessment before going ahead. Various financing companies in Laos are encouraging people to deposit with them by offering a higher rate of interest than that provided by banks but despite the glowing promises of financial gain made by such companies, their long-term viability is uncertain, the securities office warned.[:]

Tax take set to increase next year

[:en]The Taxation Department of the Ministry of Finance is aiming to introduce new land and road tax rates to boost government revenue for next fiscal year. According to the Taxation Department’s report for the first seven months of the 2015-2016 fiscal year, they were yet to determine what the percentage increase would be for the numerous categories of land and road tax.[:]

Tax Alert: Revised Tax Law Pending

[:en]The Lao Government ‘slipped through’ a revised tax law recently (Amended Tax Law No. 70/NA, dated 15 December 2015), with the law set to take effect next week on 24 May 2016. But fear not: much of the revised law is similar to the law it replaces, the Tax Law (2011), with a few new inclusions, revisions and corrections.[:]

Laos

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

Arion Legal donates supplies to local Court

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

Comba Telecom shares rise on tie-up with Lao government

The ‘New’ VAT on Importation of Goods

More than a thousand furniture plants ordered to shut down

VAT to be levied at border crossings, effective immediately

Lao Securities Issues Warning on Dubious Financing Companies

Tax take set to increase next year

Tax Alert: Revised Tax Law Pending

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