Thailand to keep VAT unchanged at 7% for another two years

[snoop1130]

FILE PHOTO: Sales staff accept payment by credit card at a department store in Bangkok, Thailand, July 19, 2016. Picture taken July 19, 2016. REUTERS/Athit Perawongmetha

 

BANGKOK (Reuters) - Thailand's cabinet on Tuesday agreed to keep the value-added-tax rate unchanged at 7 percent for another two years, a government official said, to support economic activity as the Southeast Asian nation deals with its biggest COVID-19 outbreak to date.

 

The VAT has been at 7% since the 1997-98 Asian financial crisis.

 

-- © Copyright Reuters 2021-08-24

 

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[snoop1130]

Cabinet keeps VAT at 7% for two more years

 

 

BANGKOK (NNT) - The Cabinet has decided to keep the current 7% rate of Value Added Tax (VAT) for at least another two years, along with a deadline extension and penalty reduction for this year’s tax filing.

 

The Minister of Finance Arkhom Termpittayapaisith, today announced that Cabinet has approved an extension of the current 7% VAT rate on all sales, services, and imports that take place from 1st October 2021 to 30th September 2023, effectively maintaining the current reduced VAT rate for another two years.

 

The Cabinet, in its weekly meeting today, also confirmed tax relief measures for people affected by the COVID-19 pandemic as proposed by the Ministry of Finance.

 

The Minister of Finance said the Revenue Department has extended the deadline for online tax filing and payments, in order to give the general public and businesses more financial fluidity over a more prolonged time.

 

At the same time, penalties for late filing or failure to file taxes by the general public and businesses will be waived or reduced. This also covers inaccurate filings made my mistake. Some of the fines that are considered an alternative to criminal charges will be minimized, however they will not be entirely waived.

 

-- © Copyright NNT 2021-08-24

 

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[hotchilli]

14 hours ago, snoop1130 said:

hailand's cabinet on Tuesday agreed to keep the value-added-tax rate unchanged at 7 percent for another two years, a government official said, to support economic activity as the Southeast Asian nation deals with its biggest COVID-19 outbreak to date

How about reducing the luxury tax to the same level.

[trainman34014]

The way things are they should lower it to 5% for two years.    Supermarket Rich Owners are doing sweet FA to help out the shoppers; many who now have no jobs and even prices at Markets are continually on the rise !

[Will B Good]

7 minutes ago, trainman34014 said:

Supermarket Rich Owners are doing sweet FA to help out the shoppers; many who now have no jobs and even prices at Markets are continually on the rise !

Agree 100%.

 

If they want to improve the lot of ordinary Thais they need to introduce genuine competition, prevent monopolies and prosecute the price fixing cartels.