NA members consider amendments to VAT

26/06/2024 15:44
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KPL (KPL) The National Assembly members yesterday brainstormed amendments to the Law on Value-added Tax (VAT) which were presented by the Ministry of Finance at the ongoing 7th Ordinary Session of the National Assembly.

Minister of Finance Santiphap Phomvihane

(KPL) The National Assembly members yesterday brainstormed amendments to the Law on Value-added Tax (VAT) which were presented by the Ministry of Finance at the ongoing 7th Ordinary Session of the National Assembly.
“It is necessary to amend this law as value-added tax is needed for the national socio-economic development,” said Minister of Finance Santiphap Phomvihane. “Over the past five years, the implementation of the law has proved that some of its articles fail to respond to the current requirements of the national socio-economic development.”
The minister claimed that the amendments will help increase revenue collection, limit revenue leaks, tighten foreign currency control, and meet more international standards.
Vice President of the National Assembly Sommad Pholsena stressed the need for lawmakers to ensure that the revised draft law is detailed and easy to understand for the multi-ethnic Lao people before it is adopted.

KPL

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