Govt to centralise revenue collection, budget use through FinLink

The collection of revenue and disbursement of the budget by the government will be made through a new system, FinLink, while the use of payment applications through different banks will be introduced through LAPNet (Lao QR Pay).

Mr Soulysack Thamnuvong (left) and Dr Vilaythong Soutthavilay shake hands after signing a finance contract in Vientiane on Thursday.

A contract on the scheme between the Ministry of Finance and the Bank of the Lao PDR (BOL) on the use of FinLink for tax payments, the payment of registration fees and service charges was signed in Vientiane on Thursday.
At the same time, a ceremony was held to launch the Lao QR Pay system.
The contract was signed by the Director of BOL’s Payment System Department, Mr Soulysack Thamnuvong, and the Acting Director of Finance Information Technology at the Ministry of Finance, Dr Vilaythong Soutthavilay.
Also present on the occasion were the Minister of Finance, Mr Bounchom Ubounpaseuth; Governor of the Bank of the Lao PDR, Dr Bounleua Sinxayvoravong; Minister of Technology and Communication, Prof. Dr Boviengkham Vongdara; representatives of 14 banks in Laos, system development partners the AIF Group, and invited guests.
Dr Vilaythong said the new system will centralise revenue collection and disbursement of the budget as well as process registration fees and service charges made across the country. This will mean that all information related to these transactions is recorded and summarised each year.
“In the past, the system used by the ministry for revenue collection was operated through banks, but it was not centralised so it was difficult to monitor, connect and summarise data, as well as making reports in relation to any incidents,” he added.
FinLink is part of a project to streamline and modernise revenue collection under the Ministry of Finance, and will be linked to the payment system at BOL through LAPNet. 
The aim of the project is to digitalise finance systems so they are more efficient, easier to operate and accurate. It is also aimed at ensuring greater transparency, the development of a cashless society, and overall socio-economic development.
LAPNet (Lao QR Pay) allows individuals to pay taxes, customs duty and other fees through any bank.
Lao QR Pay is currently available at six banks, namely BCEL, the Joint Development Bank, BIC Bank, Agricultural Promotion Bank, Lao Viet Bank, and the Indochina Bank.
Three more banks will be able to provide this service by the end of this year, namely the Lao Development Bank, Maruhan Bank and Kasikornthai Bank.

By Times Reporters
(Latest Update October 7, 2022)