On May 10, 2022, in Vientiane capital, Lao Ministry of Finance held a ceremony to award the decision to grant tax incentives to PVOIL Laos.
The ceremony was attended by the Deputy Director of the Tax Department of Laos Mr. Phaythoun Thienglamai, Mr. Bui Huu Quyen, Director of PVOIL Laos, and representatives of relevant agencies.
Offering preferential tax policies for businesses is a new step in the implementation of the government’s initiative to modernize the information connection between the public and private sectors, said Mr. Phaythoun Thienglamai.
The policy is expected to help the government to capture business information and fuel reserves of enterprises at all times, reducing the time of monitoring and inspection, and strengthening transparency in business. It helps enterprises to form a sample of public-private partnerships in Laos, he added.
PVOIL Laos has become the second petroleum enterprise in Laos to enjoy preferential tax policies from the Lao Government, after meeting 10 conditions on tax declaration according to regulations of the Ministry of Finance.
Accordingly, PVOIL Laos will enjoy policies and favorable conditions in tax declaration according to the provisions of law; in the implementation of customs regulations; in tax declaration outside office hours and public holidays or in the emergency situation.
Tax authority will delay payment of excise tax, VAT and other costs upon import for 30 days from the date of fuel import in the situation. With the policy, PVOIL Laos can transfer gasoline between the warehouse without transportation paper from the tax office. It will enjoy privileges from tax authorities.
Mr. Bui Huu Quyen, Director of PVOIL Laos, affirmed that PVOIL Laos strictly complies with the regulations of the State of Laos on petroleum business, fully meet the criteria of the Ministry of Finance and the Ministry of Industry and Trade to be one of the first 2 units to participate in the tax incentive program of the Lao Government.
Through this event, PVOIL Laos will continue to ensure its role as a supplier of stable petroleum sources to the Lao market and operate in strict compliance with the regulations of the Lao government, he added.
Panorama of the ceremony
Mr. Phaythoun Thienglamai - Deputy Director of Laos Tax Department presents the decision on tax incentives from the Ministry of Finance of Laos to PVOIL Laos.
Mr. Bui Huu Quyen - Director of PVOIL Laos speaks at the ceremony