VO NA members want tax law to promote domestic - TopicsExpress



          

VO NA members want tax law to promote domestic production INTRO: Goods items imposed to pay value-added tax were a focus of consideration among National Assembly members who would like to see more effective promotion of domestic production businesses. NA members want tax law to promote domestic production STORY: At the debate, NA member for Vientiane Dr Sisaliew Savengseuksa said the content would not promote domestic production as a mass of non-processed agricultural products have been seen to penetrate the domestic market. He said the proliferation of imported vegetables makes it hard for domestic growers to compete with the imported produce. Dr Sisaliew gave the example of importing paddy rice from an overproducing country for milling and sale on the domestic market, saying this would threaten domestic paddy. Domestic farmers have complained that their farming costs will be higher than the sale price of the rice in question. He reminded the audience of the decline of rice farming, which has been decreasing in line with shrinking plantation areas and yields, with the planned targets not being achieved. However Dr Sisaliew expressed his agreement that goods imported for processing in the country should be subject to exemptions, while stressing that those imported for distribution and consumption should not. The issue is related with Article No.12 of the amended draft to the Law on Value-Added Tax, which stipulates which goods will be granted a value-added tax exemption. The amended draft to the law was brought to the debate at the ongoing NA session on Wednesday the 23rd of July. Some of the goods items include imported and circulated non-processed agricultural crops. According to the amended draft law, vehicles such as fire fighting trucks, ambulances, maintenance service trucks, radio and TV mobile transmitters, vehicles for national defence and security and other vehicles destined to serve for public benefit will also be granted tax exemptions.
Posted on: Fri, 25 Jul 2014 09:54:06 +0000

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