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Thailand: CABINET NODS TO RETURN OF VAT

  • Dec 19, 2018

The Cabinet yesterday approved the return of value added tax (VAT) to consumers buying products through debit accounts despite the move will to cost the government Bt9 billion in lost revenue.

The programme will run from February 1 to February 15 next year.

Finance Minister Apisak Tantivorawong said the Cabinet agreed with the return of VAT ( 5 per cent) to people who bought all products with debit cards, limited to a maximum amount of Bt20,000 and a tax return of Bt1,000.

However , the programme will exclude the purchases of liquor, beer and cigarettes, he added. 

The VAT will be returned through Promptpay within 15 days after the date of purchase.

The move aims to encourage people to use e-payment and encourage shops to enter into the system which collects data of sales and payment or point of sale (POS) system and the Revenue Department’s tax system. 

Source: http://www.nationmultimedia.com/detail/Economy/30360674