Finance ministry trials 11 companies in customs scheme
Eleven companies will no longer need a certificate of privilege from the Customs Department regarding taxes for the next six months.
The Customs Department of the Ministry of Finance authorised special tariffs at the country’s main border crossings under the Agreement on Trade in Goods Asean or form D, including tax details outlined in Article 27 (amendment) of the Tax Law, dated June 29, 2020.
The companies in question are our Silver Sponsor Lao Ford City Co., Ltd., Lao Coca-Cola Bottling Company Limited, our Members Unilever Service (Lao) Sole Co., Ltd., Lao Brewery Co., Ltd., Souvanny Home Centre Public Company, Honda New Chip Xeng Co., Ltd., Express Food Group Lao Co., Ltd., Lao Mobile Group Co., Ltd., TIPCO Asphalt Lao Co., Ltd., Toyota Laos Co., Ltd., and CI Trading Import-Export Sole Co., Ltd.
The special tariffs under the Agreement on Trade in Goods Asean allotted to these companies is temporary and under trial. Officials at border crossings will report on the outcome of the pilot scheme to the Customs Department for assessment and future refinement.
The goods involved in the pilot programme do not include machinery, vehicles, fuel, alcohol or tobacco.
Companies who are members of the Authorised Economic Operator (AEO) programme will be given special rights with regard to trading and the import and export of goods under AEO standards, to ensure trade safety and strict compliance with laws and regulations in line with international standards.
The Customs Department facilitated membership of the companies in the AEO, which is boosting cooperation between custom officials and entrepreneurs.
The participating companies were required to answer 26 questions on their business operations, relating to their structure, human resources administration, enforcement of laws, finance and accounts management, use of IT equipment, and safety measures during trading.
The concept of the Authorised Economic Operator was created to facilitate and improve customs declaration and clearance procedures. It is widely and successfully used in many jurisdictions, especially in the European Union. The AEO programme in Laos was approved in April 2019 with the assistance of the International Finance Corporation under the World Bank.
Source: Vientiane Times