English
Thailand: Revenue Department denies VAT hike plan
The Revenue Department says reports on social media that it plans to increase value-added tax (VAT) to 9% in the next fiscal year are fake news.
The department said on Sunday that it had no plans to hike the VAT rate from 7% to 9% from Oct 1, the starting date of the fiscal year, as reported on social media. The agency called on people not to believe the rumours.
VAT was first introduced in 1992 at a rate of 10% but was slashed to 7% in late 1997 at the private sector’s request. The rate has been kept at 7% ever since.
The 7% VAT rate has to be extended every year with approval from the cabinet.
Source: https://www.bangkokpost.com/business/finance/1473865/revenue-department-denies-vat-hike-plan