The Minister of Finance, Mr Bounchom Ubonpaseuth, informs members of the National Assembly the implementation of the budget plan during the ongoing NA session, which will continue till July 8.

Govt to focus on boosting revenue collection

The government intends to achieve a revenue collection target of 31,593 billion kip to comply with figures approved by the National Assembly (NA), according to a report from the Ministry of Finance.
This figure includes income of more than 29,133 billion kip and grant assistance of 2,460 billion kip. The Ministry of Finance, on behalf of the government, will work with the public and private sectors to address a number of challenges, loopholes that cause financial leaks, and the failure to achieve the plan.
The Minister of Finance, Mr Bounchom Ubonpaseuth, highlighted the achievements of the past five months and outlined the plans for the last six months of this year while speaking in the NA on June 13.
He said the government collected more than 10,633.89 billion kip, or 33.66 percent of the year’s plan, and 23.7 percent of the collection during the same period last year.
The government expected to collect 13,492.11 billion kip in the first six months of this year, or 42.71 percent of the plan and an increase of 22 percent when compared to the collection during the same period last year (2,265.10 billion kip), he said.
With a limited timeframe, the government is hoping the existing measures will enable it to tackle economic, financial and currency difficulties.
The NA members called on the government to address problems related to the management of prices of goods and the inflation rate, and to stabilise the value of the Lao kip.
The NA members also suggested the government should take immediate action to address loopholes and deter financial leaks by punishing or dismissing the officials involved.

By Times Reporters
(Latest Update June 16, 2022)