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National revenues set to exceed forecast by 2 percent
State revenue reached 10,680 billion kip in the first 10 months of the current fiscal year, accounting for about 81 percent of the annual plan, which is expected to be exceeded by about 2 percent.
The figures were revealed during a national finance meeting currently underway at Lao ITECC in Vientiane. The meeting is being attended by finance officials from throughout the country and chaired by Finance Minister Mr Phouphet Khamphouvong.
The meeting, which runs from September 14 to 17, aims to ensure finance officials achieve annual targets.
The state revenue target for this fiscal year is 15,700 billion kip, of which 11,500 billion kip will flow from domestic sources and about 4,200 billion kip from foreign assistance. Budgeted payments for the year stand at 17,800 billion kip.
Deputy Finance Minister Ms Viengthong Siphandone reported on the first 10 months of revenue collection and payment at the meeting.
She said about 10,684 billion kip of state revenue was collected in the first 10 months of the fiscal year, which is about 81 percent of the annual plan. In the remaining two months of the financial year, it was expected that about 2,800 billion kip, or 21 percent of the yearly plan, would be collected.
Based on actual and estimated figures, overall revenue collection for the year will exceed the annual target by about 1.5 to 2 percent, with domestic revenue collections exceeding the annual plan by about 4-5 percent, Ms Viengthong reported.
About 9,000 billion kip was collected at the central level in the first 10 months, which is about 78 percent of the annual plan, and revenues from the provinces amounted to about 1,600 billion kip, which is about 99 percent of the yearly target.
She reported that revenue from domestic sources was about 8,500 billion kip, which is about 88 percent of the yearly plan, and revenues from foreign assistance were about 2,100 billion kip, or 61.7 percent of the annual target.
Of the total domestic revenue, about 4,000 billion kip came from various taxes, 2,600 billion kip from import-export duties, 996.5 billion kip from state property fees, about 86 billion kip from logging, 672 billion kip from state enterprises, about 116 billion kip from land rates, and 2.8 billion kip from other sources.
Ms Viengthong said national revenue collections are on target, especially tax revenue from major investment and construction projects.
“However, even though revenue collection is on target, there are still some changes needed because there has been some misappropriation and inefficiency, as well as tax reductions and exemptions for certain projects, which have caused losses in revenue.”
“At the same time, domestic revenue is still very much dependent on income from the sale of natural resources,” she added.
According to the Ministry of Finance, payments from the national budget reached 11,000 billion kip in the first 10 m onths of this fiscal year, about 70 percent of the annual plan. Of the total, payments at the central level accounted for about 8,499 billion kip and provincial level payments for 2,600 billion kip. Payments included public servant salaries, allowances, administration costs, debt repayments and investment in some projects.
Budget payments are expected to reach 99 percent of the annual plan by the end of the fiscal year.
vientiane times
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