The National Assembly’ members approved yesterday at their ongoing 9th ordinary session amendments to the Law on Customs.
Deputy Prime Minister and Minister of Finance Somdy Douangdy said the amendment of the law is to ensure that the law meets the current situation of socio-economic development, creates favourable conditions for investment, promotes production and effective business operation as well as the regional and international integration of the country.
The Law on Customs was first adopted in 2014. The law since then had regulated customs and revenue collection in the country.
In 2019, customs and taxes represented 29.1% of domestic revenues, or approximately 4.4% of gross domestic product – GDP. The figure includes 16% from import taxes, 31% from import VAT, and 45% from import excise tax.
Source: Lao News Agency