Authorities in Vientiane, Laos, are aiming to collect at least 5.24178 trillion kip ($591 million) in revenue this year, as planned by the Ministry of Finance, which is a 9.18 per cent increase compared to the plan for 2019.
Addressing a meeting of the Vientiane People’s Council last week, head of the Vientiane Finance Department, Khamphan Malabandith, said that of this amount 3.73040 trillion kip would be handed over to the national government – also an increase of 9.18 per cent compared to last year’s plan.
Meanwhile, the revenue to be collected for Vientiane itself is expected to reach about 1.51138 trillion kip, a 9.84 per cent increase compared to last year.
According to a report, revenue garnered from customs duties will be around 1.450 trillion kip, a 10.55 per cent increase over last year’s target. In addition, the amount of revenue generated by taxes on public property will be about 60.76 billion kip, and state enterprises will generate about 633.10 billion kip.
Vientiane’s gross expenditure is planned at 551.28 billion kip, of which 192.62 billion kip will go towards education and 53.59 billion kip will go to the health sector.
Under the capital’s five-year fiscal plan for 2015-2020, the Ministry of Finance has set revenue collection at 21.50017 trillion kip, including 15.18095 trillion kip for the government and 6.31922 trillion kip for Vientiane itself.
From 2015 to 2019, the Vientiane finance sector was able to amass more than 4.87789 trillion kip, equating to 77.19 per cent of the five-year fiscal plan.
Over the course of the five-year plan from 2015 to 2020, the Vientiane finance sector was able to collect 6.38927 trillion kip, amounting to 101.11 per cent of the targeted figure, or about 70.05 billion kip.
In 2019 alone, Vientiane’s finance sector planned to collect 4.80075 trillion kip and handed over 3.42480 trillion to the government, while the revenue amassed by Vientiane authorities was 1.37595 trillion kip.
As a result of efficient implementation, the capital was able to collect 4.43224 trillion kip or 92.32 per cent of the 2019 fiscal plan, an increase of 6.25 per cent over 2018, equalling 260.87 billion kip.
Through revenue collection the government was able to acquire a total of 3.03301 trillion kip, which is equivalent to 88.56 per cent of the 2019 fiscal plan.
Vientiane alone managed to collect revenue of over 1.39923 trillion kip or 101.63 per cent of the previous year’s plan, exceeding the target by 1.69 per cent or 23.27 billion kip.
In this revenue collection, the customs sector contributed over 1.32527 trillion kip, 101.04 per cent of its 2019 fiscal plan, while public property contributions amounted to 73.19 billion kip or 114.96 per cent of the plan for the previous year. Income from state enterprises was 741 million kip, equalling 117.06 per cent, according to the plan.
In terms of management of expenditure, this came in at 675.54 billion kip or 97.94 per cent of the plan for the year, while the Ministry of Finance approved 689.729 billion kip for expenditure.
In a bid to fulfil the plan, Vientiane authorities will continue to use advanced technologies for payment platforms through the banking system to ensure the plan is efficiently implemented and to avoid financial leaks.
The meeting was chaired by the president of the Vientiane People’s Council, Anouphab Tounalom.
VIENTIANE TIMES/ASIA NEWS NETWORK
