Delegations from Laos's Tax Department, headed by Mr. Bounpaseuth Sikounlabut, the director of the department under Laos's Ministry of Finance, recently paid a visit to Vietnam's General Department of Taxation as part of a major initiative to strengthen financial and tax cooperation between the two countries. During the meeting, Mr. Mai Xuan Thanh, the acting Director General of the General Department of Taxation, highlighted the deepening and effectiveness of the bilateral tax cooperation. He presided over the gathering.

With the successful nationwide implementation of electronic invoicing as a prime example, Mr. Thanh emphasized Vietnam’s focus on modernizing tax administration through information technology. Efforts made to help people and businesses deal with the COVID-19 pandemic were also highlighted, as were efforts to make it easier for people to pay their taxes.

In the wake of the cordial welcome, the Vietnamese Tax Department units and the Lao Finance Ministry delegation had in-depth discussions. The significance of the Double Taxation Avoidance Agreement, inked in Vientiane on January 14, 1996, and the Cooperation Agreement, inked between the two countries' Ministry of Finance on July 16, 2004, was emphasized by Mr. Vu Chi Hung, Deputy Director General of the General Department of Taxation, who expressed gratitude for the fruitful collaboration. The tax cooperation relationship between Vietnam and Laos has been comprehensively and long-termly strengthened by these agreements, which have set a strong groundwork and given considerable momentum for its development.

The capacity for policymaking and tax administration has been enhanced through the cooperation's facilitation of active information exchange, sharing of methodologies, and mutual support. When it comes to managing state budget revenues and keeping the budget stable, this partnership is vital.

Mr. Hung emphasized the importance of building upon the successes of past collaboration and expressed his desire to see this relationship flourish. The Laos Tax Department is currently working on modernizing tax management, according to Mr. Bounpaseuth Sikounlabut. This includes regulations regarding e-invoicing, online sales taxation, and individual tax identification numbers. He brought up the fact that work is still in progress to finish the land and property taxation bill draft, which is anticipated to be finished this year for review by both the government and parliament.

Mr. Bounpaseuth Sikounlabut, Director of the Tax Department under the Lao Ministry of Finance, has openly acknowledged the remarkable improvements in the management capabilities of the Lao tax authority. He attributes these advancements to the fervent support provided by the Vietnamese Tax Department. In 2022, the Lao Tax Department not only met the growing demands of domestic economic management and international integration, but it also exceeded its revenue targets by 5%. Mr. Sikounlabut expressed gratitude for Vietnam's enthusiastic support, which has continuously improved the department's management capabilities.