Department of Customs led by the Deputy Director General, Mr. Phaithoun Thienglamay had warmly welcome ECCIL EuroCham Laos team for the first official meeting regarding VAT issues facing by ECCIL members on 25 March 2022 at the Tax Department.
The meeting was attended by EuroCham Laos team, members and the Tax Department team. The meeting aims to have a discussion session with the Tax Department as well as informing and looking for better solutions for both public and private sectors During the one-hour meeting, Mr. Lukasz had introduced ECCIL’s history and its main activities briefly as well as shared issues and ideas on current situation regarding the latest VAT Law.
The latest VAT law reduces its VAT rate from 10% – 7% for consumers which the chamber and members strongly agree and support the decision but there are also a few things that cause difficulties to private sector which have been discussed during the meeting at the same time. From the meeting, the department on behalf of the Ministry of Finance and the Government of Laos totally understood and acknowledged the issues which public sector is also looking for a way to help private sector as well. Both sides had opportunities to share issues and exchange ideas for the solutions.
Tax Department also introduced the new VAT facilitation mechanism to private sector which could provide advantages and facilitate private sector in terms of Customs and Tax matters especially for Import-Export businesses which the department strongly encourages private sector to join the system. (More details of the system will be provided later).