Government to postpone value added tax implementation

(KPL) The ministry of Finance will postpone the implementation of value added tax which is scheduled to implement in this year to the early of next year due to the global financial crisis which created a number of difficulties for local business units.

To day, the government is asking the National Assembly to consider the proposal for postpone the plan to implementing the value added tax which made the government lost about 36 billion kip from the revenue collection.

Mr. Sampao Laosy, Deputy Director General of the Excise Department, Ministry of Finance said that his ministry has to postpone the plan to implement the value added tax due to the affects from global financial crisis and the proposal from business units.
In order to ensure the implementation of value added tax for early 2010, Mr. Sampao added that his ministry is now preparing some steps and measures, especially the code of tax payers.

Minister of Finance has issued a direction No. 2969/MOF, dated 31 December, 2008 to implement the value added tax from 1 January 2009.