The Lao Government ‘slipped through’ a revised tax law recently (Amended Tax Law No. 70/NA, dated 15 December 2015), with the law set to take effect next week on 24 May 2016. But fear not: much of the revised law is similar to the law it replaces, the Tax Law (2011), with a few new inclusions, revisions and corrections.
The Taxation Department reported recently that tax payments across the country had decreased 5.1 percent during the first seven months of the 2015-16 fiscal year, in comparison to the previous year.
Kasikornbank (Laos) aims to triple lending growth and open a new branch this year to cash in on strong economic prospects in neighbouring Laos. The bank, a 90%-owned subsidiary of Kasikornbank (KBank), expects 2016 loans outstanding to grow by more than 250% to 1.5 billion baht.
The enormous drop in revenue generated from mining coupled with improper budget planning has been the main cause of the budget tensions Laos has faced over the past few years, Deputy Prime Minister Somdy Douangdy told parliament recently.