VIENTIANE, Oct. 12 (Xinhua) -- Lao President Thongloun Sisoulith has issued a decree that imposes higher excise taxes on certain goods, aimed at curbing the import of luxury items in a bid to reduce the outflow of foreign currency.

According to a Lao Economic Daily report on Thursday, the presidential decree was issued on Monday, aiming to raise the excise tax on jeeps and sedans that use fuel, alcoholic beverages, tobacco, soft drinks and slot machines, gaming machines, and all types of gambling equipment that have a valid license.

The new excise rates for fuel-powered jeeps and sedans have been set according to engine size.

Alcoholic beverages (except beer) with an alcohol content higher than 23 percent will have the excise tax increased from 70 to 110 percent. Drinks with an alcohol content of 23-10 percent will have the tax increased from 60 to 90 percent, and beverages that contain less than 10 percent alcohol will have an added excise tax of 72 percent.

The tax on cigarettes has increased from 50 to 72 percent, and on other tobacco products from 35 to 47 percent. Processed beverages such as soft drinks and soda will see the tax increased from 5 to 12 percent while the tax on energy drinks will increase from 10 to 17 percent.

The decree also imposed a higher excise tax on slot machines, all types of gaming machines and all types of authorized gambling equipment, raising it from 35 to 50 percent.

The decree supports finance officials' efforts to tighten control on currency exchange in a bid to reduce the rate of inflation and strengthen the value of the Lao currency kip.

The aim of the decree is to curb the outflow of foreign currency, encourage savings, prevent corruption, and ensure that the state is paid the full and correct amount of taxes so that more funds are available to drive social and economic development.