News
Govt tightens spending to reduce debt burden
The government has announced that some new development projects planned for this year could be postponed until next year if Laos faces a revenue shortfall in 2017. The government is also committed to tightening budget expenditure by trimming its administrative budget and, if they are ...
Tax collection soars
Tax collections rose to $768 million in the first quarter of this year, a 92 percent rise on the same period last year. General department of taxation director-general Kong Vibol told a meeting chaired by Finance Minister Aun Pornmoniroth on April 23 that the collection figure ...
New law offers incentives to attract investment
A newly-amended Investment Promotion Law has recently been promulgated, offering a variety of incentives to attract investment in both promoted sectors and hardship areas. Businesses investing and operating in hardship communities (known as Area I), where infrastructure has not yet been developed, will enjoy favourable ...
K19 billion excess taxes collected
Mandalay’s tax revenue in the last budget year exceeded the collection of the year before by almost K20 billion, thanks to increased awareness among taxpayers. The regional government only expected to collect K141 billion in taxes in the 2016-17 budget year but managed to get ...
Oil firm ready to ink production-sharing agreement
Executives at Singapore-listed energy firm KrisEnergy Ltd say they have settled terms with the Cambodian government and are ready to sign a long-awaited production-sharing agreement that would pave the way for the first-ever extraction of petroleum from Cambodian territorial waters. Kelvin Tang, KrisEnergy’s chief operating ...
Social security fund to increase payments for health services
The National Social Security Fund will pay more to hospitals for health services following a new agreement reached between the fund and participating hospitals yesterday. The money will be paid in a lump sum, with some hospitals receiving as much as 130,000 kip to allocate ...
Billions of kip embezzled in Savannakhet
At least 20 finance officials in Savannakhet province have been found guilty of spending billions of kip of state money on personal affairs, according to a report released this week. The officials allegedly collected more than 5.8 billion kip from state revenue sources but did ...
Finance Ministry plans reforms in five areas
The Finance Ministry is going ahead with economic reforms in five areas, while standing ready to invest in infrastructure in the hope of making Thailand a transport hub for the CLMV (Cambodia, Laos, Myanmar and Vietnam) subregion. Speaking at an event called “SET in the ...
Amended land tax bill attacked
The new land and buildings tax will fail to narrow the wealth gap between the haves and have-nots, according to a prominent economist. Nipon Poapongsakorn, distinguished scholar at the Thailand Development Research Institute, said on March 22 that the new tax bill approved by the Cabinet failed ...
Land and buildings tax draft gets nod
The cabinet on March 21 approved the draft bill for the long-awaited land and buildings tax, intended to narrow economic disparity, after a review by the Council of State. Nathporn Chatusripitak, an adviser to Prime Minister’s Office Minister Suvit Maesincee, said the draft bill amended by ...
