- The harmonization of the reduced 6% and 12% VAT rates into a new 9% rate, other than for certain specific supplies;
- The reduction to 0% of the VAT rate for fruit and vegetables, medicines, nappies and other products for intimate hygienic protection, and public transport;
- The retention of the 6% rate for electricity, natural gas, tap water, and heating for domestic use;
- The reduced VAT rate for demolition and reconstruction of a person’s sole residence would be made permanent;
- An increase of the excise duties on tobacco and new tobacco products as part of the anti-tobacco policy; and
- A reduction in existing subsidies for fossil fuel.
The proposal also includes measures to digitalize the VAT system by introducing e-invoicing and e-reporting, which would lead to simplified administration.
Source: taxathand.com
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