Vientiane targeting 1 trillion kip in revenue for 2017
Vientiane is targeting revenue collection of more than 1 trillion kip for 2017 and expenditure of 639 billion kip.
The target was revealed at a recent meeting to summarise the revised revenue budget base survey in Vientiane, attended by Deputy Minister of Finance Mr Atsphangthong Siphandone.
Speaking at the meeting, Director of the Vientiane Finance Department Mr Khamphan Malabandith said after conducting a revised revenue budget base survey across Vientiane, which informed 770 businesses of tax payments, the department is targeting revenue of more than 1 trillion kip this year with expenditure at 639 billion kip.
The survey targeted large and medium businesses with 400 million kip in revenue along with revenues from land and rent across districts, and collected information from departments with technical service fees.
In 2015-2016, the Vientiane Finance Department was initially ordered to collect 1.069 trillion kip in revenue but the Ministry of Finance adjusted the target to 1.464 trillion kip in the fourth quarter.
“The department was able to collect 1.214 trillion in revenue equal to 82.96 percent of the plan, meaning it failed to collect 250 billion kip in revenue,” he said.
Mr Khamphan said in order to achieve revenue collection as planned for 2017 the Vientiane Finance Department would continue to improve the collection of value-added tax and implement other taxes in line with Order of the Prime Minister No.40/PM regarding the review of revenue budgets and collections nationwide.
The department will continue to strictly implement measures in line with government and Vientiane authority policies targeting businesses who incorrectly state their income, along with smuggling and illegal trade at checkpoints.
The department will continue to coordinate with relevant sectors in revenue management according to the Law on State Assets and establish a unit to disseminate regulations related to enterprises and shops.
It would also increase training on political ideology, morality, responsibility for finance officers, manage budget expenditure and implement the national thrift policy strictly, he said.
By Times Reporters
(Latest Update March 25, 2017)