Tax cut to boost foreign investment
The southeast Asia state of Laos has cut its standard Value Added Tax rate from 10% to 7% from 1 January 2022. The aim is to attract regional investment to help boost the economy as it emerges from the COVID-19 pandemic.
VAT deductibility will now be conditional on payments made from a Laos-resident bank account
The Law on Tax was also amended to exempt a number of supplies from VAT:
- import and export of electricity
- Export of minerals
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