- The government has updated the information on the reduction of Value Added Tax (VAT).
- The VAT rate has been reduced to 6.3% for all sales, services, and imports.
- The reduced VAT rate has been in effect since October 1, 2017.
- VAT is a tax collected from businesses that sell goods and services.
- Businesses with annual revenue exceeding 1.8 million baht must register for VAT.
- VAT is calculated at a rate of 7% for sales and purchases.
- The VAT on sales is collected from customers, while the VAT on purchases is paid to the Revenue Department.
- The registration for VAT requires the submission of various documents, including the VAT registration form (Form PP.01) and copies of identification documents.
Source: posttoday.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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