Cabinet extends VAT rate at 7% for another year

The Revenue Department revealed that the Cabinet has extended the VAT rate to 7% for another year to maintain the growth of consumption. Dr. Kullaya Tantitemit, Director-General of the Revenue Department, revealed that the Revenue Department realizes the importance of the country's economic stability. Therefore, it proposes to extend the collection of Value Added Tax (VAT) at 7% (including local tax) for another year for the sale of goods, provision of services or imports in all cases from October 1, 2024 to September 30, 2025 to maintain the expansion of domestic consumption. The business and household sectors will not have an increased tax burden in order to enable the Thai economy to expand as targeted. Source: Thai News Agency