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TAXES

VAT maintained for two more years

By The Nation

The Cabinet today approved the Finance Ministry's proposal to maintain the value-added tax at 7 per cent for two more years, or until September 30, 2012.

The VAT was previously expected to rise to 10 per cent in October, 2010.

Deputy Finance Minister Pradit Pataraprasit said that the economy remains fragile and VAT needs to stay low to boost domestic spending. He also told reporters that as seen earlier, the maintenance of VAT at 7 per cent does not pose problems to the fiscal position.

He said that the 2011 fiscal budget was based on the assumption that VAT is maintained at 7 per cent.

He also noted that the ministry is completing the tax restructuring plan, for higher efficiency.

The Cabinet today approved the Finance Ministry's proposal to maintain the value-added tax at 7 per cent for two more years, or until September 30, 2012.

The VAT was previously expected to rise to 10 per cent in October, 2010.

Deputy Finance Minister Pradit Pataraprasit said that the economy remains fragile and VAT needs to stay low to boost domestic spending. He also told reporters that as seen earlier, the maintenance of VAT at 7 per cent does not pose problems to the fiscal position.

He said that the 2011 fiscal budget was based on the assumption that VAT is maintained at 7 per cent.

He also noted that the ministry is completing the tax restructuring plan, for higher efficiency.

-- The Nation 2010-08-03