- Lao President Thongloun Sisoulith has raised the value-added tax (VAT) rate from 7 to 10 per cent
- The increase is to support the country’s budget revenue and contribute to socio-economic development
- The VAT rate of 10 per cent will be applicable to imports, goods, general services, mineral imports, and electricity usage
- The adjustment restores the VAT rate to its original level from 2010 to 2021
- The rate was cut to 7 per cent in 2022 to stimulate economic recovery after the Covid-19 pandemic.
Source: thestar.com.my
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.
