VDB Loi Laos Alert: Application for 2015 Tax Payment CertificateFebruary 11, 2016
The Vientiane Capital Tax Division issued Notice No. 0182/TD.VTE on 18 January 2016 regarding the 2015 tax payment certificate application.
All domestic and foreign business units under the supervision of the Tax Division are required to submit two sets of documents:
The first set of documents must be submitted not later than 1 March 2016:
- A financial report
- Summary of remaining goods/inventories
- Record of inventory count at the year-end
- Minutes of shareholders’ meeting
- Summary of tax payments in 2015
- Minutes of full tax audit of the previous year
The second set of documents must be submitted not later than 31 March 2016:
- Application for 2015 tax payment certificate
- Business plan for 2016 with anticipated revenue
- Planned tax payments for 2016
- Information in relation to the use of tax invoices
- Other necessary information
The Tax Division will impose penalties for the late submission of the first set of documents:
- First year – be educated
- Second year – penalty of LAK3 million
- Third year – penalty of LAK5 million
If a financial report has never been submitted, the business unit will be penalized 5% and 10% of the relevant year’s turnover for the first and second years, respectively.
Did you know that VDB Loi Laos is licensed to provide compliance accounting services to complement our tax compliance services?
VDB Loi is a network of leading law and advisory member firms and affiliated companies that comprises eight partners and over 100 lawyers and advisors, with offices in Cambodia, Indonesia, Laos, Myanmar and Vietnam and representatives in Japan and Singapore. We provide the highest quality solutions for transactions and taxation.
You can find more information on our Laos office here.
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