Vientiane (VNA) – 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.
The rate was previously cut to 7% on January 1, 2022.
The restoration was recommended by many parties to the Lao Government as a measure to improve budget collection ability to help solve the economic and financial difficulties facing the country in the last few years.
Earlier, the country’s central bank signed a decree to adjust the basic interest rate to align with current domestic and international economic and monetary conditions. Accordingly, the basic interest rate in Kip for a period not exceeding seven days increased from 7.5% per annum to 8.5% per annum./.
The rate was previously cut to 7% on January 1, 2022.
The restoration was recommended by many parties to the Lao Government as a measure to improve budget collection ability to help solve the economic and financial difficulties facing the country in the last few years.
Earlier, the country’s central bank signed a decree to adjust the basic interest rate to align with current domestic and international economic and monetary conditions. Accordingly, the basic interest rate in Kip for a period not exceeding seven days increased from 7.5% per annum to 8.5% per annum./.
VNA
