VAT stays at 7% for another year

[snoop1130]

VAT stays at 7% for another year

By The Nation

 

Uttama

 

Finance Minister Uttama Savanayana confirmed on Tuesday (September 10) that the Cabinet has agreed to maintain value added tax (VAT) at 7 per cent for another year and has vowed to keep a close eye on the economy.

 

“Originally the 7 per cent VAT was set to expire at the end of this month,” Uttama said. “But the Cabinet has resolved to extend the deadline to September 30, 2020.”

 

He added that the extension was approved in line with the current economic situation.

 

“We are extending it by a year so we can monitor the economy and make adjustments accordingly on a year-by-year basis,” the minister said.

 

Source: https://www.nationthailand.com/news/30376035

 

-- © Copyright The Nation Thailand 2019-09-10

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[bluesofa]

12 minutes ago, snoop1130 said:

VAT stays at 7% for another year

 

Just how many years has it been at 7%? it's been at that rate for as long as I can remember.

It appears to be almost a charade that the government annually say it will remain at 7% - again.

[Srikcir]

Give the average Thai a pay raise and lower VAT to 5% but supplement with no VAT refunds for tourists.

[MaxLee]

How about you forget about that <deleted> to raise the VAT completely. It's an expensive additional tax pain in the "holy behinds" (<- to put it mildly this way) already....

[HHTel]

VAT was introduced in 1992 with the rate set at 10%.

Reduced in 1997 to 7% where it's remained ever since. 

Still reviewed each year and extended.

[Peterphuket]

VAT stay at 7% but how about all the other luxury taxes on cars, electronics etc.

For example a camera made in Thailand by Nikon, is in Europe much cheaper than in Thailand, and in Europe, many crountrys have VAT more then 20%!

Crazy taxes on imported cars, etc, etc.

[natway09]

We are lucky it remains at 7% for another year

To those of you who think it should be scrapped do not understand economics

In a country like Thailand (a huge cash society) VAT is important as the amount of taxpayers 

is very small & many small businesses have never seen a tax return

It will go back up to 10% next year methinks

[CLS]

Same procedure as every year, James.


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[Isaan sailor]

Make your choice, Thailand.  A 7% VAT—or a grossly overpriced Baht.  Not fair to hit us with both.  Or would you prefer us to leave?

[HHTel]

5 hours ago, natway09 said:

We are lucky it remains at 7% for another year

To those of you who think it should be scrapped do not understand economics

In a country like Thailand (a huge cash society) VAT is important as the amount of taxpayers 

is very small & many small businesses have never seen a tax return

It will go back up to 10% next year methinks

Well it's been 22 years since it was reduced from 10 to 7%.  No reason to believe that will change.