Transparent sources, electronic collection keys to revenue collection
The government has stressed the need to clearly define revenue sources and to expand electronic collection methods to assist the budget. The moves aim to ensure all revenue from available sources can be collected for the national budget, minimising problems related to financial leaks. Prime Minister Thongloun Sisoulith told the financial sector last week that it’s critical to inspect the reality of revenue sources so the State budget plan will be more accurate. According to the Ministry of Finance, revenue collected over the past 10 months of the 2015-16 fiscal year accomplished only 74.52 percent of the set annual plan approved by the National Assembly. The revenue shortfall has further escalated budgetary tensions, creating greater concerns for the government seeking funding to meet budget expenditure needs.
