Laos National Assembly Deliberates VAT Law Amendments
Striving for Enhanced Fiscal Policies and Economic Development
In a significant session held yesterday, members of the Lao National Assembly engaged in comprehensive discussions on proposed amendments to the Law on Value-added Tax (VAT), which were presented by the Ministry of Finance during the 7th Ordinary Session of the National Assembly.
Minister of Finance, Santiphap Phomvihane, emphasized the critical need for revising the VAT law to better support the nation's socio-economic development. According to Minister Phomvihane, the current VAT regulations have become outdated and insufficient in meeting the evolving economic demands and international standards of Laos.
The proposed amendments aim to enhance revenue collection, reduce fiscal leakages, enforce stricter foreign currency regulations, and align the country’s tax policies with international norms. These changes are expected to provide a more robust framework for economic stability and growth, ensuring that Laos can manage its fiscal policies more effectively.
Vice President of the National Assembly, Sommad Pholsena, highlighted the importance of making the law comprehensive and accessible. He urged lawmakers to craft a revised draft that is clear and understandable to accommodate the diverse ethnic groups within Laos, ensuring its effective implementation upon adoption.
The session marks a pivotal step towards refining the fiscal landscape of Laos, with a focus on transparency, efficiency, and international compliance in tax legislation.
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**Broadcast Article:**
Yesterday, the Lao National Assembly discussed pivotal amendments to the Value-added Tax law, aiming to enhance economic development and align with international standards. Minister of Finance, Santiphap Phomvihane, highlighted the need for updates to increase revenue and tighten currency control. These amendments are crucial for improving Laos's fiscal management and ensuring that tax policies support the nation's growth and meet the needs of its diverse population.**
KPL – In a significant session held yesterday, members of the Lao National Assembly engaged in comprehensive discussions on proposed amendments to the Law on Value-added Tax (VAT), which were presented by the Ministry of Finance during the 7th Ordinary Session of the National Assembly.
Minister of Finance, Santiphap Phomvihane, emphasized the critical need for revising the VAT law to better support the nation's socio-economic development. According to Minister Phomvihane, the current VAT regulations have become outdated and insufficient in meeting the evolving economic demands and international standards of Laos.
The proposed amendments aim to enhance revenue collection, reduce fiscal leakages, enforce stricter foreign currency regulations, and align the country’s tax policies with international norms. These changes are expected to provide a more robust framework for economic stability and growth, ensuring that Laos can manage its fiscal policies more effectively.
Vice President of the National Assembly, Sommad Pholsena, highlighted the importance of making the law comprehensive and accessible. He urged lawmakers to craft a revised draft that is clear and understandable to accommodate the diverse ethnic groups within Laos, ensuring its effective implementation upon adoption.
The session marks a pivotal step towards refining the fiscal landscape of Laos, with a focus on transparency, efficiency, and international compliance in tax legislation.
Minister of Finance, Santiphap Phomvihane, emphasized the critical need for revising the VAT law to better support the nation's socio-economic development. According to Minister Phomvihane, the current VAT regulations have become outdated and insufficient in meeting the evolving economic demands and international standards of Laos.
The proposed amendments aim to enhance revenue collection, reduce fiscal leakages, enforce stricter foreign currency regulations, and align the country’s tax policies with international norms. These changes are expected to provide a more robust framework for economic stability and growth, ensuring that Laos can manage its fiscal policies more effectively.
Vice President of the National Assembly, Sommad Pholsena, highlighted the importance of making the law comprehensive and accessible. He urged lawmakers to craft a revised draft that is clear and understandable to accommodate the diverse ethnic groups within Laos, ensuring its effective implementation upon adoption.
The session marks a pivotal step towards refining the fiscal landscape of Laos, with a focus on transparency, efficiency, and international compliance in tax legislation.
---
**Broadcast Article:**
Yesterday, the Lao National Assembly discussed pivotal amendments to the Value-added Tax law, aiming to enhance economic development and align with international standards. Minister of Finance, Santiphap Phomvihane, highlighted the need for updates to increase revenue and tighten currency control. These amendments are crucial for improving Laos's fiscal management and ensuring that tax policies support the nation's growth and meet the needs of its diverse population.**
KPL – In a significant session held yesterday, members of the Lao National Assembly engaged in comprehensive discussions on proposed amendments to the Law on Value-added Tax (VAT), which were presented by the Ministry of Finance during the 7th Ordinary Session of the National Assembly.
Minister of Finance, Santiphap Phomvihane, emphasized the critical need for revising the VAT law to better support the nation's socio-economic development. According to Minister Phomvihane, the current VAT regulations have become outdated and insufficient in meeting the evolving economic demands and international standards of Laos.
The proposed amendments aim to enhance revenue collection, reduce fiscal leakages, enforce stricter foreign currency regulations, and align the country’s tax policies with international norms. These changes are expected to provide a more robust framework for economic stability and growth, ensuring that Laos can manage its fiscal policies more effectively.
Vice President of the National Assembly, Sommad Pholsena, highlighted the importance of making the law comprehensive and accessible. He urged lawmakers to craft a revised draft that is clear and understandable to accommodate the diverse ethnic groups within Laos, ensuring its effective implementation upon adoption.
The session marks a pivotal step towards refining the fiscal landscape of Laos, with a focus on transparency, efficiency, and international compliance in tax legislation.
