Many businesses fail to declare tax, report says

Many businesses fail to declare tax, report says

(KPL) One hundred and seventy businesses have failed to declare tax, with overdue tax accumulated as of 24 April 2013 at 100.33 billion kip, according to a report by the Department of Financial Inspection.
Over 100 inspection officials gathered at a nationwide inspection meeting in Vientiane from 6-7 February to review the past year.
Participants at the meeting were informed that the Financial Inspection Department found that Sekong Province with 2.05 billion kip of collected revenues failed to be remitted to the national treasury, along with USD 62,000 of overdue tax on t imber sales and 3.9 billion kip of overdue construction tax.
At the central level, it has been found that six business units have concealed 2.48 billion kip of tax payable to the budget. However, 2.02 billion kip have been retrieved, meaning that 276 million kip is still missing.
Director of Financial Inspection Department, Mr Lila Viengkeo, said that at local level tax concealment by seventeen business units had caused a loss of 2.67 billion kip. However, 356 million kip has been already retrieved.
It has been found out that there are a large amount of overdue and concealed revenues which still need to be remitted to the budget in Vientiane Capital.
The meeting was also told that lawyers have confirmed that 153.3 of 156 billion kip of overdue tax from Sanum Investment is most likely to be retrieved.
"The nationwide meeting of the Department of Financial Inspection is very important to review the implementation of work in the financial sector including social shortcomings and corruption. The meeting will also discuss the implementation plan of the department for the year 2013-2014," said Minister of Finance, Mr Phoupheth Khamphounvong.
"Financial inspection is very important to the system of the party and state management, Financial Economic Management, revenue management and expenditure of the budget. It establishes criteria to perform the duties of financial management," the minister said.