Laos Economic Insights: Trade, Investment, and Development
Explore key topics presented at the 50th SGATAR Annual Meeting in Laos, including the High-speed rail Project, Foreign Direct Investment trends, and Import and Export statistics. Gain insights into Laos' strategic vision and initiatives for economic growth and connectivity with neighboring countries.
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Presentation Transcript
Exchange of Information 50thSGATAR Annual Meeting LAO PDR Present by: Ms Phaypany CHOUMMALY
Table of contents I. Background 1.2 High-speed rail Project Belt and Road Initiative 1.3 Foreign Direct Investment, Import and Export II. Large tapager management and multicompanies III. EOI and AEOI implementation IV. Tax Revenue Information System (TaxRis) V. Future plan VI. Conclusion
I. Backgroud Area: 236,800 Km2, 80% is mountainous; Border with Thailand , Myanmar, China, Vietnam and Cambodia Population 7.4 M
1.2 High-speed rail Project Belt and Road Initiative Belt and Road Initiative, the track is also part of Laos strategic vision to go from landlocked to land-linked and overcome the development lag that has come with being an inland, mountainous state. Laos could become a more transit point on China s southern route Vientiane aims to increase its domestic connectivity and boost trade with Southeast Asian neighbours. Construction is now reported to be 95% complete, ahead of the scheduled opening of the route to traffic on 2 December easing the flow of goods become a trading destination and transport hub, not just a stopping point this future transport infrastructure will facilitate more provinces and with neighboring states, acting as a driver of economic growth. trade between
1.3 Foreign Direct Investment, Import and Export foreign direct investment inflow in Lao PDR were mainly concentrated (hydropower), mining, agricultural sectors The top five major countries that contributed FDI inflow in Lao over the past 10 years were Vietnam, China, Thailand, South Korea, and France in energy and services,
Foreign direct investment, net inflows - Lao PDR 2000-2019 2017 2018 1.693 B 1.358 B 2019 755,524,124.249 Source by: The World Bank https://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD?end=2019&locations=LA&start=2000&view=chart
II. Import and Export 2.1. Import This page displays a table with Laos Imports By Category in U.S. dollars Country 2018 2019 2020 NO. 5,847,951,570 5,740,554,691 5,064,425,360 3,279,519,827 3,108,864,853 2,817,946,023 1,381,521,127 1,511,987,389 1,128,086,863 693,566,331 650,716,427 555,354,241 119,558,907 88,117,242 136,087,573 16,939,864 41,421,625 86,849,951 2,010,909 8,302,795 61,518,618 KOREA, REPUBLIC 65,061,382 58,853,188 48,063,971 18,434,233 22,499,635 27,271,069 21,502,675 28,173,996 25,572,904 31,030,424 15,775,480 23,757,303 TOTAL 1 2 3 4 5 6 7 8 9 10 THAILAND CHINA VIET NAM JAPAN UNITED STATES ARAB EMIRATES INDIA HONG KONG AUSTRALIA Imports By Category 700 Millions 600 500 400 300 200 100 - Axis Title 2018 2019 2020
II. Import and Export 2.2. Export This page displays a table with Laos Imports By Category in U.S. dollars, NO COUNTRY TOTAL 2018 2019 2020 10,321,866,589 2,537,497,299 1,406,092,654 885,344,038 7,387,602 128,765,352 1,477,294 86,363,151 74,678,161 31,626,594 1,701,149 5,538,708,887 5,822,322,457 2,407,021,589 2,745,057,107 1,709,358,696 1,467,376,959 1,054,866,091 1,041,074,000 19,912,128.08 104,311,039 6,944,493 93,573,654 81,772,418 58,690,407 2,258,373 1 2 3 4 5 6 7 8 9 10 INDONESIA THAILAND CHINA VIET NAM CAMBODIA INDIA AUSTRALIA JAPAN GERMANY HONG KONG 114,750,893 108,965,193 88,709,256 84,726,600 76,294,505 50,097,177 45,270,766 Exports By Category 2,000 Millions 1,800 1,600 1,400 1,200 1,000 800 600 400 200 - 2018 2019 2020
II. Large tax payer management and multi-companies Large Tax Payer 571 Units In 2021 LARGE TAX PAYER UNIT 571 600 486 458 500 29% 400 50% 300 21% 200 100 0 Foreign Joint venture Domestic 2019 2020 Sep-21
III. EOI and AEOI Implementation - EOI: only exchange on requested Thailand, indonasia, philipines (global TIN) and China (informing competant autority through an official chanel) - AEOI: Laos is preparing rule and data system on AEOI for offshore jurisdictions. with
Policy changes Taxation system changes in Lao PDR - Administration law, - Income tax law, - Excise tax law EOI supporting regulation Administration law Act 74/13 MOF: Coordinate cooperation with foreign countries in Tax administration; Act 75/3 : Encourage commercial banks and other financial institutions to provide financial information of the taxpayer, the taxpayer at the request of the tax department.
Roll-out Tax Revenue Information System (TaxRIS) Luang Prabang Roll-out TaxRIS nationwide in 2023 : 18 provinces, 148 Districts Now 18 Provinces 50 district Savannakhet Vientiane Capital Champasak
V. Future plan Coordinate with relevant parties to develop additional laws and amend some supporting regulations; Implement phase 2 of TaxRIS; - EOI , PTIN, E-invoice Strengthen International Cooperation; - Exchange lessons and mobilize financial and technical supports and international best practices to strengthen - Continue to scrutinize agreements and international conventions.
