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InfoQuest

Thai Finance Minister: the cabinet approves extension of 7 percent of VAT rate for one year

September 11, 2019


Abstract : Thai Finance Minister Mr. Uttam Sawangnoon revealed that today's cabinet meeting approved the extension of 7 percent of VAT rate for another year. A review of current economic situations concluded that it is inappropriate to resume the original 10 percent tax rate.

InfoQuest (Sept. 10, 2019) -- Thai Finance Minister Mr. Uttam Sawangnoon revealed that today's cabinet meeting approved the extension of 7 percent of VAT rate for another year. A review of current economic situations concluded that it is inappropriate to resume the original 10 percent tax rate.

Previously, VAT revenues had showed decline. But the Revenue Department's latest report showed that VAT revenues have increased instead, which shows that consumption has been brought to normal.

Today's cabinet meeting also approved the investment promotion measure proposed by the Board of Investment (BOI) and deliberated by the economic cabinet.

Source: InfoQuest, by Kasamarporn Kittisamphan / Sasithorn / Wilawan, translated by Xinhua Silk Road

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Keyword: Thailand finance VAT

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