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Laos Considers Raising its Value-Added-Tax Rate to Boost Revenue

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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