With a view to mitigating the impact of the COVID-19 pandemic on taxpayers and to increase taxpayer liquidity, the Thai Ministry of Finance has approved an extension of the deadlines for filing tax returns and allowing the Revenue Department to waive or reduce certain penalties and fines. In addition, on 24 August 2021, the Ministry of Finance announced that the Cabinet has approved the extension of the 7% standard VAT rate (reduced from 10%) for another two years, from 1 October 2021 – 30 September 2023. The 7% rate was due to expire on 30 September 2021.
Source: BDO
Latest Posts in "Thailand"
- How to Claim a VAT Refund in Thailand: A Step-by-Step Guide for Tourists
- How to Verify a Thailand VAT ID Online: Process, Importance, and Compliance Risks Explained
- Thailand Launches D-VAT & SBT Digital Platform to Streamline VAT and Business Tax Services
- Thailand Updates Input VAT Allocation Rules for Mixed and Out-of-Scope Business Activities
- Thailand Revenue Department to Expedite B160bn VAT Refunds for Business Liquidity
