Cabinet agrees to keep VAT at 7% for another year

[snoop1130]

 

The Cabinet decided today (Wednesday) to retain the 7% value-added tax (VAT) rate on goods and services until September 30, 2024, to stimulate economic recovery through spending on consumer products and services.

 

Keeping it at 7% will be a relief for consumers and businesses alike, who were worried that VAT might rise to 10%, which would impact spending by consumers.

 

Thailand originally imposed 10% VAT on all goods and services, but this was cut to 7% on October 1, 2010. The rate is subject to review every two years.

 

Full Story: https://www.thaipbsworld.com/cabinet-agrees-to-keep-vat-at-7-for-another-year/

 

-- Thai PBS 2023-09-13

 

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[Searat7]

I am dying to see how they will fund all of their populist schemes. If the VAT had been increased by just .25% a year it would have been at 8% a few years ago.

 

The 20 b transport plan is of particular interest. I hope the BTS does not cooperate until the government has paid them the very substantial amount they owe.