Six Sub-Laws Devised in the Past Six Months: Finance Minister | Lao Tribune

Six Sub-Laws Devised in the Past Six Months: Finance Minister

Deputy Prime Minister and Minister of Finance, Mr Somdy Douangdy, has said that six documents have been devised describing sub-laws by the Ministry of Finance over the past six months. These include the Prime Minister’s Decree No 15 on the allocation and management of position cars for leaders and the Prime Minister’s Order No 40 on the nationwide resurvey of state revenue sources.

Delivering a report at the ongoing 3rd Ordinary Session of the National Assembly on Tuesday, the finance minister said that the Prime Minister’s Order No 55 on the measures on the management and payment of salary and supporting allowance, and the Finance Minister’s Instruction No 0077 on the implementation of law on Value Added Tax were also devised by the Ministry of Finance, along with the Deputy Prime Minister and Minister of Finance’s Instruction No 3905 on the resurvey of state revenue sources, Vision 2030 and the State Finance Development Strategy 2025.

In order to ensure public governance and state budget management is rule based, the government has issued some policies and legal instruments such as Prime Minister’s Order No 15 on strengthening the management and inspection of timber management, timber transport and timber related businesses and the announcement of the Prime Minister’s Office No 1152 on terminating the exemption of tariff and import taxes charged on fuel imported for development projects in the country, Mr Somdy said.

The 17-page report by the Minister of Finance also touched on modernisation in the finance sector, as he said that his ministry has attached importance to improving existing management mechanisms to ensure they are more effective and taking into consideration new mechanisms for possible application.

The ministry has improved tax management and collection mechanisms through cooperation with the Republic of Korea to make sure that tax payments can be made through banking networks and cutting-edge technology is applied to facilitate tax declarations including the National Single Window and ASEAN Single Window tax declaration systems, and Smart Vat.

The ministry has also cooperated with international organizations to exclusively improve the Government Financial Information System (GFIS) to ensure that government budget expenditure is effectively managed.

Source: Lao News Agency