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13 February 2020

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Update - Laos Tax Law Amendments

As previously reported, Laos has published tax law amendments including changes in the corporate and individual income tax rates. The amendments are provided in Tax Law No. 67/NA, which replaces Tax Law No. 70/NA of 2015 and is effective from 17 February 2020.

In addition to a reduction in the standard corporate tax rate from 24% to 20%, other corporate rate changes include:

  • a reduction in the tax rate for companies engaged in tobacco activities from 26% to 22%;
  • the introduction of a reduced tax rate of 7% for companies engaged in activities utilizing innovative technologies or renewable energy;
  • the introduction of a reduced tax rate of 5% for companies engaged in human resource development and certain medical activities; and
  • an increase in the rate reduction for companies listing on the Laos stock exchange from a 5% reduction for four years after listing to a 13% reduction for four years.

The tax payment deadlines are changed as well, from payments on a quarterly basis to a semiannual basis, with payments due on 10 July and 10 January.

In addition to the rate changes above, the specific income tax rates on certain transactions are also revised, including:

  • a 2% rate for share transfers, repairs/construction, online trading, and property transfers including land, homes, and other buildings (1% for agricultural land);
  • a 5% rate for intellectual property, commissions, and consultancy services; and
  • a 10% rate for dividends, non-banking loan interest, guarantee fees, and rentals.

The deadline for remitting these taxes is also changed from within 10 days to within 15 days from the date the income is generated.

Other changes include the introduction of new penalties, including:

  • LAK 500,000 for late tax declaration filing;
  • LAK 1.5 million for failing to declare income tax; and
  • LAK 3.0 million for failing to provide information on corporate changes.

And lastly, the allowed loss carryforward period is increased from 3 years to 5 years.

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