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Monday, July 22, 2024

National Treasury and ICBC Cooperate in Tax Payment System

This Week

The National Treasury and the Industrial and Commercial Bank of China (ICBC) have begun cooperation in systems for payment of taxation into the state budget.

A signing ceremony for the cooperation was held at the Vientiane Capital ICBC branch on 8 July, witnessed by Mr. Phouthanuphet Xaysombath, Deputy Minister of Finance, as well as Ms. Vanphone Phommasone, Director General of the National Treasury Department, and Mr. Sun Fenglei, General Manager and Deputy General Manager of ICBC.

The development of a direct connection between the Bank’s taxation payment system and the Treasury Information Management System (RTIS) and the TAXRIS system of the Tax Department has been accomplished by the consolidation of services into ICBC’s state budget accounts.

Beginning on 11 July, payments made to the state budget will be able to be accepted via an account with the Vientiane Capital ICBC branch.

As a next step, ICBC will continue to develop joint payment systems with the National Treasury and the Department of Taxation. It will also develop a means of paying taxes through e-banking channels.

Meanwhile, ICBC Bank Vientiane Capital itself has paid some LAK 77.39 billion in profit tax to the Government of Laos for the first six months of 2022.

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