Nearly 100,000 Laos businesses now using TaxRIS system

An electronic system is used to collect tax at a border crossing. - VT

VIENTIANE (Vientiane Times/Asia News Network): Nearly 100,000 businesses in Laos are using the newly-introduced tax management system known as TaxRIS, which aims to reduce the loss of money owed to the government.

Minister of Finance Bounchom Ubonpaseuth said there are 131,688 businesses in Laos in total, of which 99,419 units are using the TaxRIS system, while 24,659 other businesses are keeping accounts.

Bounchom said the ministry has also accelerated the installation of the ASYCUDA electronic tax reporting system in 26 customs offices at border crossings.

The ASYCUDA system is modernising the government’s revenue collection system, to ensure that tax collection is systematic, accurate, and is easy for businesses to use.

These systems are aimed at streamlining revenue collection and curbing the losses that have been experienced in the past.

They are also being installed at six locations in Special Economic Zones and at 50 companies.

The Ministry of Finance is also completing installation of the Lao National Single Window customs declaration system, and the electronic manifest management module, which includes the IATA electronic international air transport system and has been tested at the Lao-Thai Friendship Bridges I and 2.

The ministry has installed 80 per cent of the modern systems needed for tax collection, which relate to vehicles and fuel, while the management of other types of imports is being upgraded to cover all types.

It is estimated that the manifest system will be put into use at the Lao-Thai Friendship Bridge I and Thanaleng Dry Port in September.

The Thanaleng Dry Port is part of the Lao National Logistics Strategy and Laos Logistics Link, which are aimed at transforming Laos from being landlocked to a land-linked country.

The project is expected to generate a huge amount of revenue for the state budget from the fees charged for various services.