The Lao Ministry of Finance is considering raising the value-added tax (VAT) rate from 7 to 10 per cent in an effort to boost government revenue and support the economy.
The VAT set at 10 percent would be a return to the original rate – implemented from 2010-2021. It was only from 1 January, 2022, that the country adopted a 7-percent VAT rate on import of goods and services.
A new draft legislation to increase the VAT rate is expected to be completed this year and be effective in early 2024.
Source: www.thestar.com.my
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