(KPL) The Ministry of Finance has reported a significant achievement in state budget revenue collection, with figures for the first 10 months of 2024 surpassing initial targets and marking a turning point in Laos' fiscal management.
Minister of Finance Santiphap Phomvihane shared the update during the 8th Ordinary Session of the 9th National Assembly on November 26. He described the achievement as a result of strategic reforms and enhanced revenue collection systems aimed at addressing economic and financial challenges.
“This increase, which exceeded the initial targets, represents a major milestone in the country’s fiscal performance,” Minister Santiphap stated.
From January to October, national revenue collection reached 90% of the annual target, reflecting a 40% year-on-year increase. This performance was attributed to the implementation of critical financial management measures, including the enforcement of Presidential Orders No. 002/PS and No. 003/PS.
Presidential Order No. 002/PS generated 530 million kip in additional revenue, a significant leap from the 30 million kip collected in prior years. Meanwhile, Order No. 003/PS, which raised the value-added tax (VAT) rate from 7% to 10%, contributed 2.842 million kip in added funds.
International revenue collection also experienced substantial growth, amounting to USD 107 million (approximately 2.253 million kip). This boost was driven by tax reforms and improved financial cooperation with international partners.
Minister Santiphap emphasized the importance of sustaining these initiatives to address fiscal challenges and support long-term economic stability.
“The success of these measures reflects the effectiveness of targeted reforms and collaboration across sectors. This year has been a breakthrough in strengthening the foundation for sustainable economic growth,” he noted.
The progress achieved during this period highlights the Ministry’s efforts to bolster national fiscal health and signals a promising path for continued economic resilience.