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Laos Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
7,234,171 (July 2018 est.)GDP (PPP)
$49.34 billion (2017 est.)Apart from agriculture (20% GDP, dominated by rice cultivation), the economy is dependent on natural resource exports (hydropower, copper and gold mining, logging) and construction.
GDP growth rate
6.9% (2017 est.)Laos' growth has amongst the fastest in Asia, averaging more than 7% per year for most of the last decade.
GDP (PPP) per capita
$7,400 (2017 est.)Laos' infrastructure is still underdeveloped (no railway, poor roads condition), and 73% of the workforce is employed in agriculture
Local currency
Lao kip (LAK)Weak currency (1 USD buys more than 8,000 LAK) which has been constantly losing value since 2013, though this occurred without sharp fluctuations
Financial stability (Public debt)
63.6% of GDP (2017 est.)Medium to high, incresing from 58% in 2016
Inflation
0.8% (2017 est.)Low
Language
Lao (official), French, EnglishEnglish is understood in the main urban and touristic areas
Corruption perception index (Source: Transparency International)
132/180Very high level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
10%VAT applies to goods supplied or imported in Laos and to services supplied in Laos or rendered by foreigners to Laos customers. Exempted items include unprocessed agricultural products, seeds, fertilisers, textbooks, education services, medical services.
Corporate Tax
24%Tax holidays and reduced rates are applicable to companies whose investment activities qualify as promoted investment activities or large investments in mining and hydro power project.
Duties
0% to 40%All goods imported into Lao PDR are subject to import duty. Exemptions are available to enterprises operating promoted investment activities. Lao PDR has adopted the GATT valuation principles. Duty rates are based on the ASEAN harmonised tariff nomenclature for imports from ASEAN member countries (ATIGA).
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