ID :
112861
Mon, 03/22/2010 - 11:47
Auther :
Shortlink :
http://m.oananews.org//node/112861
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IFC grants for applying new tax collection system
VIENTIANE 19 MACH (KPL) - The International Finance Corporation (IFC) last week granted financial support to improve the regulation of tax collection of Laos.
A Memorandum of Understanding on the Lao Tax Collection System Project was signed in Vientiane Capital on 18 March between Director of the Tax Department, Mme Manivone Insixiengmai and Head Office of the IFC in Laos in witness of Deputy Finance Minister, Mme Viengthong Siphandone.
This was a grant aid project with three-year operation starting in 2010. It is designed to strengthen the Lao tax collection sector, particularly the introduction of value-added-tax (VAT) and provide knowledge and skills on VAT to entrepreneurs and people in society. This project will also help improve the tax system of the small and medium scale businesses, including the procedure of tax collection system will be improved simply and tightly.
Other adverse consequences and even barriers in the business sector will also be dealt with and reduced through this project.
The grant aid will also be spent on carrying out a survey of business expenditure on tax payment.
Tax officers would be given favourable conditions in performing their duties of tax collection and simple inspection. This will reduce the expense of tax collection management in the tax sector.
VAT can be equally applied countrywide and reduced shouldering unnecessary tax burden for small and medium enterprises in the future.
The application of VAT system will be put on trial in Vientiane Capital and some provinces.
A Memorandum of Understanding on the Lao Tax Collection System Project was signed in Vientiane Capital on 18 March between Director of the Tax Department, Mme Manivone Insixiengmai and Head Office of the IFC in Laos in witness of Deputy Finance Minister, Mme Viengthong Siphandone.
This was a grant aid project with three-year operation starting in 2010. It is designed to strengthen the Lao tax collection sector, particularly the introduction of value-added-tax (VAT) and provide knowledge and skills on VAT to entrepreneurs and people in society. This project will also help improve the tax system of the small and medium scale businesses, including the procedure of tax collection system will be improved simply and tightly.
Other adverse consequences and even barriers in the business sector will also be dealt with and reduced through this project.
The grant aid will also be spent on carrying out a survey of business expenditure on tax payment.
Tax officers would be given favourable conditions in performing their duties of tax collection and simple inspection. This will reduce the expense of tax collection management in the tax sector.
VAT can be equally applied countrywide and reduced shouldering unnecessary tax burden for small and medium enterprises in the future.
The application of VAT system will be put on trial in Vientiane Capital and some provinces.
