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Thailand Implements New VAT Policy on Imported Goods

  • Thailand has introduced a new VAT policy for imported goods
  • The new policy aims to create a level playing field between importers and local producers in the domestic market
  • The Thai government has approved the proposal to impose VAT on all imported goods valued over 1 baht to prevent cheap imports, especially from China
  • The new VAT threshold will be effective 15 days after official announcement and will last until December 31, 2024
  • The government will evaluate the impact of the policy before deciding whether to extend it
  • Currently, only imported goods valued over 1,500 baht are subject to VAT in Thailand
  • The new measure is in response to complaints from local businesses, particularly online sellers, about the negative impact of cheap imported products on their income
  • In the long term, the Thai government plans to amend the Revenue Code to address these issues.

Source: baochinhphu.vn

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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