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LAOS: Business and Tax Registration Procedures Set to be Integrated

Newly-set up businesses in Laos will no longer be required to apply separately for registration with the country’s tax authorities and for obtaining the 12-digit Taxpayer Identification Number (TIN). The move follows a recent decision to do away with the requirement of the submission of a TIN as one of the conditions for the incorporation of a business. In a bid to further streamline the process, businesses will now be automatically allotted a TIN at the time of issuance of their Enterprise Registration Certificate (ERC). As per the revised procedures, prospective investors need only apply for an ERC via the one-stop investment service, which will be integrated with the Tax Revenue Information System (TaxRIS).

Additionally, all successful applicants will be obliged to attend a seminar detailing their tax obligations. Such seminars will be organised on a regular basis by local tax offices and newly-approved businesses must attend one such session within 30 days of receiving their ERC.

The latest measures form part of the government’s ongoing bid to improve the country’s ranking on the World Bank’s Doing Business Index.

Further details of the TIN-inclusive ERC can be found here.

Content provided by Picture: HKTDC Research
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