Laos restores 10% headline rate of value-added tax
The President of Laos on March 19 signed a decree restoring the value-added tax (VAT) rate to 10% to support the country’s budget revenue and contribute to its socio-economic development.
Vientiane (VNA)♕ – The President ofLaos on March 19 signed a decree restoring the value-added tax (VAT) rate to10% to support the country’s budget revenue and contribute to itssocio-economic development.
The rate was cut to 7% fromJanuary 1, 2022, aiming to boost the economy in response to the COVID-19 pandemic andto encourage more businesses to register for VAT. The restoration of VAT from 7% to 10% has beenrecommended by many parties to the Lao Government as one of the measures toimprove budget collection ability to help solve the economic and financialdifficulties that Laos has faced in the last few years. The Lao Ministry of Finance pointed out severalfactors backing an increase in VAT rates, including the fact that the currenttax rate is not as effective in stimulating the economy as predicted. Inaddition, the number of businesses registered under the VAT Law is lower than expected, so the government needs to increase revenue to reduce thebudget deficit and stabilise its domestic currency.
In addition to increasing the VAT rate, theministry is also considering other measures to improve the tax system. Thesemeasures include accelerating the construction of a tax refund mechanism tohelp reduce the government's financial losses through tax exemptions, whilealso supporting local businesses./.
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Illustrative photo ( Photo: Vientiane Times) 
