On 14 March 2022, the Ministry of Finance ("MOF") held a meeting featuring a presentation on the development of a tax payment system through the M-Money mobile phone system ("M-Money").
The Department of Tax and MOF, in collaboration with the Department of Financial Information Technology, the Department of Customs and the National Treasury, are working with Lao Mobile Money Sole Company Limited ("LMM") (as the developer company) to monitor the development of M-Money so that M-Money is able to connect to MOF's Easy Tax, Tax Revenue Information System ("TaxRIS") and Real Time Information System (RTIS). Currently, LMM has completed the development of the connection to Easy Tax, TaxRIS, and the reports and display dashboard according to the requirements of the Department of Tax.
The development of a system for the payment of taxes, fees, services, and the disbursement of the state budget through M-Money is another step in digitising the payment services in the government sector. This will strengthen the country's digital economy, reducing the use of cash in the collection of tax revenues and expenditures of MOF. This will also enhance the transparency of the state budget revenue-expenditure management system, and ensure that the collection of revenue into the state budget is in line with the country's fiscal plan and the disbursement of state budgets is carried out in a timely and auditable manner.
The project is spearheaded by the Minister of Finance, Mr. Bounchoum Ubonpaseuth, and the General Director of Lao Telecommunication Public Company Limited, Mr. Suphon Chanthavixay, along with LMM and representatives from the Department of Financial Information Technology, the Department of Customs, the Department of Tax, and the National Treasury.
