Laos restores value-added tax to 10%, adjusts basic interest rate
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
Vientiane (VNA) – Laos has officially restored the10% value-added tax (VAT) rate starting May 1, in a bid to support thecountry’s budget revenue and socio-economic development.
The rate was previously cut to 7% on January 1, 2022.
The restoration was recommended by many parties to the LaoGovernment as a measure to improve budget collection ability to help solve theeconomic and financial difficulties facing the country in the last few years.
Earlier, the country’s central bank signed a decree to adjust thebasic interest rate to align with current domestic and international economicand monetary conditions. Accordingly, the basic interest rate in Kip for aperiod not exceeding seven days increased from 7.5% per annum to 8.5% perannum./.
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