AGODA

Tuesday, May 2, 2017

Cash Will No Longer Be Accepted for Tax Payments in #Laos

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According to the Minister of Finance, Mr Somdy Douangdy, several new systems have been installed to ensure tax payments can be processed through banking systems and digital technologies, allowing government tax officers to relinquish receiving tax payments in cash directly from taxpayers.
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Addressing questions raised by people’s representatives, Mr Somdy gave a briefing on the methods and measures in managing revenue collection, that have been devised and implemented by the ministry to prevent revenue leakage and maintain that applicable regulations are obeyed.
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As of 2016, the Ministry of Finance has developed custom and tax payment instruments to ensure entrepreneurs can pay customs and taxes conveniently. 
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These include Smart tax, Smart VAT, which can be used to settle tax payment when passing border checkpoints, and other bank-based tax payment systems.
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The ministry is currently working on expanding several technologies to make it more convenient to pay taxes and fees through ATMs and smartphones, preventing tax officers from directly receiving taxes in cash.
The ministry is increasing revenue sources,  suggesting entrepreneurs to inspect bookkeeping, installing tax devices, promoting cash registration at hotels, restaurants, shopping centers, and establishing a revenue management database.
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These revenue source expansion endeavors are funded with a soft loan from the Republic of Korea and will take around two years to complete.
source - Laotiontimes