(KPL) Last six months of 2024, the Lao government plans to collect revenue of 26,319 billion kip equal to 52.47% of the annual plan or equal to 8.95% of GDP.

Minister of Finance, Mr Santiphab Phomvihane said at the 7th Ordinary Session of the National Assembly's (NA) 9th Legislature on June 10.

He said It is estimated that the entire year will be able to collect revenue according to the plan or exceed the plan approved by the National Assembly without reducing 17% of GDP, estimated expenditure in the next six months of the year is about 30,395 billion kip equal to 52% of the annual plan or equal to 10.35% of GDP by guaranteeing the government's priority expenditure such as salary, policy money, debt payment according to the binding contract and guaranteeing the expenditure for the activities of the party-state to be able to operate normally.

The Ministry of Finance will focus on the implementation of the main focus measures and targets that have been set according to the plan and beyond plan of the resolution of the National Assembly, and to monitor and evaluate 9 provinces that have experimented with handing over business units to provincial management to strengthen the local government budget and to determine the principles, mechanisms to manage the classification of income and create plans in the future.

Mr Santipab also said we are inspecting the performance of the obligations of contractors of large-scale investment projects such as hydroelectric dams, mines, railways, highways, etc.

We also manage transportation business, digital commerce, online commerce from domestic and foreign legal entities to register in order to properly fulfill obligations, and increase inspection and prevent tax evasion, illegal trade; manage the import-export of goods in foreign currency and pay through the banking system.

KPL