The Minister of Finance, Mr Somdy Douangdy, stated at the ongoing 3rd Ordinary Session of the National Assembly on Wednesday that the government has stopped allowing tax officers receive tax payments in cash directly from taxpayers, as several new mechanisms have been developed to ensure tax payment can be made through banking systems and digital technology. 

​ Answering questions raised by people’s representatives, Mr Somdy gave a briefing on the methods and measures to manage revenue collection that have been designed by the ministry to prevent revenue leakage and ensure applicable regulations are obeyed.

Since 2016, the Ministry of Finance has developed custom and tax payment mechanisms to ensure entrepreneurs can pay customs and taxes at ease. These include Smart tax, Smart VAT, which entrepreneurs can use to settle tax payment when passing border checkpoints, and other bank-based tax payment systems.

The ministry is currently developing several technologies to make it more convenient to pay taxes and fees through ATMs and smartphones in order to prevent tax officers from directly receiving taxes in cash.

The ministry is expanding revenue sources, encouraging entrepreneurs to observe bookkeeping, installing tax devices, promoting cash registration at hotels, restaurants, shopping centres, and establishing a revenue management database.

These revenue source expansion efforts are funded with a soft loan from the Republic of Korea and will take two years to complete.

Source:
courtesy of KPL NEWS AGENCY

by B. Thao Phasavath

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