The Lao Ministry of Finance is considering raising the value-added tax (VAT) rate to 10% from 7% in an effort to boost government revenue and support the national economy, local media reported.
Vientiane (VNA) - The Lao Ministry ofFinance is considering raising the value-added tax (VAT) rate to 10% from 7% inan effort to boost government revenue and support the national economy, localmedia reported.
The ministry has pointed to several factors in favourof increasing the VAT rate, including the fact that the current value has notbeen as effective in stimulating the economy as predicted.
The number of businesses registered under the ValueAdded Tax Law is currently lower than expected, and the government needs toincrease revenue to reduce the budget deficit and stabilise the Lao currencykip.
A new draft legislation to increase the VAT rate isexpected to be completed this year and be effective in early 2024.
In addition to raising the VAT rate, the ministry isalso considering other measures to improve the tax system. These measuresinclude speeding up the development of a mechanism to refund businesses thetaxes they have paid, in place of tax exemptions. This would help to reduce theamount of government financial loss through tax exemptions while providingsupport to local businesses./.
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Laos considers raising value-added tax. (Photo: Vientiane Times) 
