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Government exceeds revenue collection targets
The government has collected revenue of 8,790 billion kip (US$1.09 billion) this fiscal year as the global economy strengthens, according to a government report.
Former Minister of Finance Mr Somdy Duangdy last week delivered a report on revenue collection over the first eight months of this fiscal year to the first session of the 7th legislature of the National Assembly.
The report shows the government collected 8,790 billion kip from October 2010 to May 2011, amounting to 67 percent of the annual target.
Domestic revenue streams accounted for 6,713.58 billion kip of the total and the rest was derived from external sources, including grants from developing partners.
The major source of domestic revenue was taxation, amounting to 3,347.48 billion kip, or 74.6 percent of the annual plan. Revenue from import and export taxes was 1,934 billion kip, or 63.44 percent of the annual target.
The state asset sector collected 722.45 billion kip, or 65.11 percent of the annual plan, and generated 83 billion kip in land taxes.
The government received 2,076.95 billion kip in grants from developing partners, which helped the government balance its income and expenditure.
Mr Somdy, who is Minister of Planning and Investment, told assembly members the revenue collection plan was implemented during the global economic recovery, which created favourable conditions and enabled the government to realise its targets.
He said that seven provincial administrations had generated more money than expected after they introduced measures to ensure effective revenue collection.
The government anticipated receiving more than 4,231 billion kip over the final four months of this fiscal year.
The government plans to collect 15,726 billion kip (US$1.9 million) next fiscal year, an increase of almost 21 percent compared to this fiscal year. Revenue collection is expected to account for 22.5 percent of GDP. Domestic revenue is estimated to reach 11,516 billion kip with additional national revenue coming from external sources such as grant and budget support.
Income from taxation will remain a major source of the government's income with revenue of 5,520 billion kip, an increase of almost 23 percent compared to this fiscal year while income from import and export tax sector is expected to reach 3,650 billion kip.
Over the first eight months of this fiscal year, the government spent 8,684 billion kip, which equals 57 percent of the annual plan. The government plans to spend 17,831 billion kip next fiscal year, which will begin in October, a 17 percent increase from this year, representing 25.55 percent of GDP.
vientiane times
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