Laos Increases VAT Rate to 10% to Boost Budget Revenue and Economic Development

• 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.

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