Fiscal Reform

January 2006 | Economic Analysis

The government has now more or less completed the drafting of the law on VAT as well as set out a timetable for its implementation. The draft law is to be put before the National Assembly for approval later this year with a view to introducing it nationwide in 2007. The goal is to ensure that the VAT regime is in place before the government completes its tariff reduction obligations in relation to the ASEAN Free Trade Area in 2008. Lower import tariffs will obviously mean less revenue from this source.

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