- Laos Ministry of Finance considering raising VAT rate from 7 to 10 percent
- Current VAT rate has not been effective in stimulating the economy
- Number of businesses registered under VAT Law lower than expected
- Government needs to increase revenue to reduce budget deficit and stabilize currency
- New draft legislation to increase VAT rate expected to be completed this year
- Ministry of Finance also considering other measures to improve tax system, such as refund mechanism for businesses instead of tax exemptions
Source: english.news.cn
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
