The Lao Securities Commission Office is advising people considering making deposits with financial institutions to make a careful assessment before going ahead. Various financing companies in Laos are encouraging people to deposit with them by offering a higher rate of interest than that provided by banks but despite the glowing promises of financial gain made by such companies, their long-term viability is uncertain, the securities office warned.
Lao PDR remains one of the most underdeveloped countries in Southeast Asia. But according to the ADB, the Lao economy is poised for growth thanks to strong performances in several sectors including construction, services and electricity exports. The Lao legal market is also in the developmental stage, being relatively small compared to neighbouring countries such as Thailand, Vietnam and Myanmar. The number of legal professionals in Laos is also small.
The Taxation Department of the Ministry of Finance is aiming to introduce new land and road tax rates to boost government revenue for next fiscal year. According to the Taxation Department’s report for the first seven months of the 2015-2016 fiscal year, they were yet to determine what the percentage increase would be for the numerous categories of land and road tax.