Laos moves to align tax system with int'l standards

VIENTIANE, June 25 (Xinhua) -- Laos is reviewing a revised draft of the Income Tax Law to close legal loopholes, strengthen revenue collection, and align the country's tax system with international standards, marking a significant step toward improved financial governance and sustainable economic development.

Speaking at a meeting of the Lao National Assembly on Tuesday, Finance Minister Santiphab Phomvihane presented the revised draft, emphasizing that the amendments aim to modernize the legal framework and meet the evolving needs of Laos' economy.

According to a report from the Ministry of Finance on Wednesday, the revised draft is intended to close existing legal loopholes, enhance the effectiveness of income tax collection, and align the national tax system with international standards. The reform is part of the government's broader strategy to support Laos' transition toward an independent and self-reliant economy.

The revised Income Tax Law is expected to become a key legal instrument for managing national revenue. ■