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

  • Mike Ring
  • November 9, 2023

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Laos Crypto Sector Boosting State Revenues

In an effort to boost state revenues, Laos appears to be turning its attention to its cryptocurrency sector. According to a Nov. 9 report from China’s state news agency Xinhua News, Laos’ crypto operators owe the state $20 million in taxes and licensing fees.

In order to increase government revenue streams, Laos authorized 15 blockchain companies to mine crypto or operate as exchanges. However, some companies failed to make progress or pay the state as agreed. As a result, the Laos government decided to reduce the balance owing by crypto companies by 50%.

Companies have started to pay their fees, and it is expected that all the fees will be fully settled by the end of the year. But those businesses falling behind on their payments risk having their operations suspended, fined, or licenses revoked.

This year, Laos faced a crisis with an extended drought lasting between January and June. To cope, the state-owned electricity distribution company Électricité du Laos had to suspend electricity supply to the country’s crypto-mining operations. In May, the Laos government outlined several key tenets for its digital transformation, one of which was the use of digital technology to generate fiscal revenue.

Revolutionizing Laos with Blockchain 4.0

Blockchain 4.0 is revolutionizing Laos. It is driving financial inclusion, fostering transparency, and enhancing security in transactions. Smart contracts and decentralized finance are opening up new avenues for growth, making it a game-changer for the nation’s economy.

  • Financial inclusion
  • Transparency
  • Security
  • Smart contracts
  • Decentralized finance

For expert assistance in managing your crypto tax obligations and to experience the peace of mind that comes with precise tax filing, don’t forget to explore our cutting-edge crypto tax preparation service. Your financial clarity and confidence start here.

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