Ministry, Lao Telecom partner in online tax payment scheme
 
People will soon be able to pay taxes, fees and charges and make payments to the state budget through the digital money service M-money.
This method of financial transaction is fast and secure and cuts out the need for cash, and is part of an ongoing drive by the government to digitalise the economy.
Lao Telecommunication Public Company is partnering with the Ministry of Finance to further develop and roll out telecommunication network services and the mobile wallet system M-Money introduced by the Lao Telecommunication Group for the payment of taxes as well as expenditure by the Ministry of Finance.
A Memorandum of Understanding on the scheme was signed in Vientiane on Friday by Deputy Minister of Finance Dr Bounleua Sinxayvoravong and Director General of Lao Telecommunication Public Company, Mr Souphol Chanthavyxay.
Speaking at the event, Director General of Lao Mobile Money Co., Ltd., Mr Thanhsamay Xamountry, said the cooperation will formulate a five-year action plan (2021-2025) for the finance sector for the transition to digital storage and payment obligations.
This system is known as Fintech, which is a channel and financial instrument that will increase revenue and transparency in the state budget revenue-expenditure management system.
The system will help to ensure that the amount of revenue collected for the state budget of the finance sector fulfils the set plan, and that disbursement of the state budget is prompt, modern and auditable, Mr Thanhsamay said.
This partnership is another important step in transforming the payment of taxes and other financial obligations through the M-money mobile wallet for use by government agencies.
The M-money app can be used by people across the country as part of building on potential and creating a digital economy. It reduces the need for the use of cash in line with the government’s plan to develop a digital economy and turn this vision into a reality.
The M-money app is a mobile money platform serviced by the Lao Mobile Money Company. It enables people to securely carry out financial transactions on their smartphones anywhere, to anyone and at any time.
 Mobile Money customers can access financial services conveniently through their bank account and also through banks with which they do not hold an account.
 In addition, people can make social security payments, buy/sell Lao lottery tickets and pay for fuel using the M-money app, through a process that is easy, fast and secure.

By Times Reporters
  (Latest Update November 9, 2021)