VAT
- 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…
- Business News
Thailand mandates VAT registration for online sales platforms
The Ministry of Finance is set to integrate online sales platforms into Thailand’s tax system, following a Cabinet decision mandating these platforms to register for value-added tax (VAT). An anonymous ministry source confirmed that the Revenue Department will amend the Revenue Code in line with the Cabinet’s resolution. Online sales platforms will now be required to register for VAT in…
- 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…
- 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 govt cancels VAT exemption for low-priced imported goods
The digital economy’s growth in Thailand led to a surge in trade on foreign online platforms, which has caused considerable disruption for local businesses. The local market has been flooded with cheap Chinese products, putting domestic entrepreneurs at a disadvantage and unable to compete on price. This situation has prompted many to fade away, compelling the government to take action.…
- 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…
- 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…
- Thailand News
VAT’s next? Thailand mulls talks amid dismissals over potential increase
The Thai administration yesterday dismissed the possibility of increasing the value–added tax (VAT) from 7% to 10%. Despite this official stance, talks have been initiated around this proposal, attributing the potential increment to the requirement for additional funding to cater to the escalating needs of the country’s ageing populace. From the Office of Fiscal Economy, Pornchai Thiravej, the director, shed…
