VAT
- Thailand News
Thailand’s VAT hike: Restaurant and hotel sectors’ suggestions
A proposed increase in the value-added tax (VAT) rate from 7% to 15% has sparked significant concern among Thailand’s restaurant and hotel industries. Although the plans for the VAT hike are now reportedly scrapped, Sorathep Rojpotjanaruch, who leads the Thai Restaurant Business Association, expressed alarm over the potential consequences this tax hike could have on the already struggling restaurant sector.…
- Thailand News
Taxing times: Thai PM backtracks on VAT hike after public outcry
In a dramatic U-turn, Prime Minister Paetongtarn Shinawatra pulled the plug on a proposal to crank up the value-added tax (VAT) following a storm of public outrage. The PM took to X (formerly Twitter) today, December 6, decisively posting: “No VAT adjustment to 15%.” This swift decision emerged from a huddle at Government House with Finance Minister Pichai Chunhavajira and…
- Business News
Thailand proposes VAT hike, cuts income tax to boost economy
Finance Minister Pichai Chunhavajira has proposed a shift in Thailand’s tax strategy to bolster state revenue and enhance the nation’s economic standing. The plan includes raising the value-added tax (VAT) while reducing corporate and personal income tax rates. This approach aims to drive national development, increase competitiveness, and address domestic disparities. The Organisation for Economic Co-operation and Development recently set…
- Thailand News
Thailand Cabinet keeps VAT at 7% for another year
The Thailand Cabinet has decided to maintain the current value-added tax (VAT) rate at 7% for another year. This decision was announced by Jirayu Huangsub, an advisor to the Prime Minister of Thailand, at 12.40pm yesterday, September 17. The announcement follows a Cabinet meeting where the economic situation was discussed, especially concerning the VAT rate set to expire at the…
- Thailand News
Minister clarifies tax concerns for digital wallet programme
Deputy Minister of Finance Julapun Amornvivat insists that sales data from stores participating in the digital wallet programme will not be submitted to the Revenue Department, but stores must file taxes if their sales increase significantly. Julapun addressed concerns yesterday from merchants about joining the digital wallet programme due to tax issues. He assured that the Ministry of Finance would…
- Thailand News
Thailand to impose VAT on all imported goods from July onwards
Thailand’s Ministry of Finance announced the collection of value-added tax (VAT) on imported goods, which aims to address disparities between foreign and domestic sellers in terms of tax obligations, effective from July 5 to December 31, 2024. The Royal Thai Government Gazette published the Ministry of Finance’s declaration today, June 24. The declaration focuses on customs duty exemptions for items…
- Business News
VAT on all imports over 1 baht gets Cabinet approval
A proposal by the Ministry of Finance to impose value-added tax (VAT) on all imported goods valued at over 1 baht has received approval in principle from the Cabinet. This measure aims to curb the influx of inexpensive imported goods, particularly from China, that are saturating the domestic market. Government spokesperson Chai Wacharonke announced that the new threshold will be…
- Politics News
Thailand to amend VAT laws for imported goods under 1,500 baht
A proposal to amend laws regarding the collection of Value Added Tax (VAT) on imported goods valued at less than 1,500 baht was announced today by Chulaphan Amornvivat, Deputy Minister of Finance. The proposed amendment, approved by Finance Minister Pichai Chunhavajira, aims to establish a fairer system for public and private sector importers, international manufacturers, and small and medium-sized enterprises…
- Business News
Thai customs to impose VAT on all postal imports
The Customs Department of Thailand next month is set to begin levying value-added tax (VAT) on all imported goods sent through postal services, regardless of the items’ value. This move comes in response to low-priced imports from China that have been flooding the market, providing an unfair edge as domestic producers are taxed. Currently, imported goods sent via postal services…
- Business News
Thai government plans 7% VAT on imported goods from May
The Thai government, under the directive of Prime Minister Srettha Thavisin, is preparing to implement a 7% value-added tax (VAT) on imported goods valued at 1 baht and above, starting in May. Currently, goods sold for less than 1,500 baht (US$40) per parcel and imported into Thailand are exempt from VAT. Deputy Finance Minister Julapun Amornvivat announced these plans after…
- Business News
Thai retail sector struggles despite tax incentives and tourist spending
Despite increased spending by tourists and tax incentives to encourage buying, Thailand’s retail sector is under strain. The sector, facing the challenges of a surge of substandard goods from China, is burdening local entrepreneurs. Thai Retailers Association Vice President Chatchai Tuongratanaphan predicts a growth of only 1-2% in the retail sector for the first half of the year. This is…
- Thailand News
Thai online vendors required to file taxes from 2024 as new directive kicks in
Online vendors are required to file taxes for the year 2024, with the Revenue Department mandating online platforms to disclose income data. This directive, effective from January 1 applies to all businesses, including e-Commerce, food and product delivery services like Shopee, Lazada, Grab, and TikTok. These platforms, registered in Thailand and having an annual income exceeding 1 billion baht, are…
