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Home » News from Thailand » VAT in Thailand will not go up and will remain at 7 percent

VAT in Thailand will not go up and will remain at 7 percent

By Editorial
Posted in News from Thailand
Tags: tax, VAT

14 September 2016

The VAT in Thailand will not go up and will remain at 7 percent, the cabinet decided on Tuesday. Although the military government is looking for more tax revenue, it does not want to confront the population with higher prices for daily necessities.

When VAT was introduced in 1992, the rate was still 10 percent, but it was almost immediately reduced to 7 percent at the request of businesses. Thailand's neighboring countries use 10 percent, only Singapore also charges 7 percent and Myanmar 3 to 100 percent.

The government will now have to look for other tax revenues in order to realize the expensive infrastructure projects. The tax authorities therefore want to increase the number of taxpayers in small and medium-sized enterprises.

This financial year, which runs from October 1, 2015 to September 30, 2016, tax revenue remains 140 billion baht below the target of 1,89 trillion baht. For the next budget year, the target is 1,82 trillion baht.

Source: Bangkok Post

Number of times read: 182

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VAT in Thailand will not go up and will remain at 7 percent

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