VAT

  • 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…

  • 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

    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…