[:en]In case you missed it, Singapore’s reputation as an attractive holding company location for investments into Lao PDR recently went up a notch: after being signed way back in February 2014, the long-awaited tax treaty/double taxation agreement between Lao PDR and Singapore (the “DTA”) became effective on 1 January 2017.[:]
[:en]PM Thongloun Sisoulith told the NA that the government will employ a number of measures to spur economic growth amid the current economic and financial constraints. The government pledged to ensure a stable and steady macro economy through the harmonised implementation of financial and currency policies and measures to ensure annual economic growth of at least 7 percent. The PM committed to closely follow up the implementation of tax and customs policies and regulations as well as amending them appropriately in order to promote investment and business operations.[:]
[:en]The Customs Department of the Ministry of Finance will begin collecting Valued Added Tax (VAT) payments next month with the department readying equipment and human resources. “At the beginning we will be collecting VAT at the first Thai-Lao Friendship Bridge between Nong Khai Province and Vientiane followed by the other international border crossings,” Acting Director-General of the Customs Department, Mr. Bounpaseuth Sikounlabout told local media during a press conference on Friday.[:]
[: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.[:]
[: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.[:]
[: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.[:]
[: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.[:]
[: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.[:]
[:en]The Taxation Department reported recently that tax payments across the country had decreased 5.1 percent during the first seven months of the 2015-16 fiscal year, in comparison to the previous year.[:]
[:en]The enormous drop in revenue generated from mining coupled with improper budget planning has been the main cause of the budget tensions Laos has faced over the past few years, Deputy Prime Minister Somdy Douangdy told parliament recently.[:]
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