Laos military says country’s crypto operators owe $20M in unpaid taxes

In an effort to boost state revenues, Laos appears to be turning its attention to the country’s crypto sector.

According to a Nov. 9 report by China’s state news agency Xinhua News, citing a report from Laos People’s Army News, cryptocurrency operators in the Southeast Asian country owes $20 million in taxes and licensing fees. To expand government revenue streams, Laos previously authorized 15 blockchain companies to mine crypto or operate as exchanges.

However, as detailed by Laos’ Prime Minister Sonexay Siphandone, two companies in the novel initiative “made no progress” whatsoever. Others, meanwhile, fell behind on their payment obligations to the state. Sonexay also noted that since the government fixed the tax obligations, the price of cryptocurrencies has plummeted 50% overall. Therefore, the Laos government will reduce the balance owing by crypto companies by 50% as well.

How To Get Free Crypto  

With that decision, the companies began paying their fees, and it is expected that all the fees will be fully settled by the end of the year, said Sonexay. However, he also warned that companies falling behind on t progress will have their operations suspended, fined, or license revoked.

Laos’ government faced a crisis this year with an extended drought lasting between January and June. The disaster, among many casualties, forced the state-owned electricity distribution company Électricité du Laos to suspend electricity supply to the country’s crypto-mining operations. In May, the Laos government outlined several key tenets for its digital transformation, among which is the use of digital technology to generate new fiscal revenue, bolster foreign exchange reserves, curb inflation, and foster sustainable economic growth. 

Go to Source
Author: Zhiyuan Sun

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.