Foreign Affairs

Revenue collection reaches 20.4 trillion kip

Revenue collection in the last ten months reached 20.4 trillion kip, equivalent to 74% of annual target set for 2021, Prime Minister Phankham Viphavanh told the 2nd Ordinary Session of the National Assembly’s 9 legislature yesterday.

“Given the time left, there are a lot of challenges. However, the government will make more efforts in promoting revenue collection and tapping new revenue sources – mining sector, encouraging businesses to hold shares in state enterprises,” said PM Phankham.

The government is likely to achieve its 2021 annual revenue collection plan at 26.9 trillion kip, fulfilling 98% of the target set for the year.

Briefing the NA’s meeting on the national socio-economic development over the past months, the premier noted the government’s achievements in tackling illegal currency changers and launching key plans of action with respect to the promotion of production, tackling unemployment issues, and social-cultural development, as well as its efforts made in combating Covid-19.

He claimed that more than 3.28 million people, representing 44.78% of population in the country, have been administered with first doses of Covid-19 vaccine and the number of those fully vaccinated has reached over 2.81 million, representing 38.38% of the population.

The Prime Minister highlighted the government’s noticeable efforts in tackling narcotic drug issues noting that many drug production bases and drug trafficking networks have been destroyed with 1,562 drug traffickers arrested and over 101 million tablets of methamphetamine seized along with large quantity of crystal methamphetamine, opium and heroin.

“In general we could say that our country have enjoyed political stability, peace and order. We have managed to save the economy from falling into crisis and created some fundamental factors for making next steps,” said Prime Minister Phankham.

He assured the National Assembly that over the next three months of the year the government will continue to fulfil targets approved by the assembly and translate the two national agendas on tackling economic difficulties and drugs issues into concrete actions.

As for 2022, the government has decided decisively to make a significant change and breakthrough step in addressing problems related to revenue collection and budget expenditure management to create foundation of self-reliance and self-strengthening while maintaining political stability and peace and order in the society.

The government’s efforts for 2022 will be focused on improving revenue collection and expenditure management through accelerating the use of modern technology along with reshuffling organisational structure of tax authorities and reforming bookkeeping system of businesses and increasing revenue sources through promoting major investment projects of the private sector and the application of modern technology to tackle illegal smuggling.

Source: Lao News Agency