Revenue collection reaches 10.6 trillion kip, spending is over 11 trillion kip

Ministry of Finance has said revenue collection in the first ten months for the current 2010-2011 fiscal year is 10.683 trillion kip, representing 84 per cent of the current revenue collection plan.

Minister of Finace Phouphet Khamphounvong.

Meanwhile, the government has expended slightly over 11 trillion kip so far this fiscal year and this equals 70 per cent of the government spending plan.

The Ministry held its nationwide meeting yesterday and it will last till September 16, under the presidency of Minister of Finance Mr. Phouphet Khamphounvong.

On the first day of the meeting, the participants were told that revenue collection in the first ten months is constantly progressive as compared to the previous years, especially the revenue collection in tax and customs sectors which saw a relatively sound progress.

Deputy Minister of Finance Viengthong Siphandone said that revenue collection for the last two months was expected to be over 2.84 trillion kip, equivalent to 21 per cent of the annual plan, and the government spending was forecasted to reach 4.4 trillion kip or 28.06 per cent of the spending plan.

Among the objectives of the meeting were to review the implementation of the socio-economic development plan, the state budget plan for 2010-2011 period, regulations, legal mechanisms and policy on finance affairs and state budget management as well as the preparation for the implementation of the financial plan for new fiscal year