The Laos President has issued Presidential Decree No. 003/PS of 19 March 2024, which increases the standard VAT rate back to 10%. The standard rate was reduced from 10% to 7% with effect from 1 January 2022 in order to stimulate the economy. The increase to 10% will take effect after certain procedural requirements are completed that involve the National Assembly and the Ministry of Justice. Further details on the implementation of the increase will be published once available.