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Thailand Approves 7% VAT on Cheap Imported Goods to Boost Economy

  • Thailand has approved a 7% value-added tax (VAT) on imported goods sold for less than 1,500 baht ($40.93) from July to December
  • Currently, imported goods sold for less than 1,500 baht are exempt from VAT in Thailand
  • After December, there will be a law change to allow the revenue department to continue collecting VAT on such products
  • Deputy Finance Minister Julapun Amornvivat stated that cheap imported Chinese goods priced less than 1,500 baht were hurting local manufacturers
  • Prime Minister Srettha Thavisin noted a trend of false declarations being made on cheap Chinese products in free trade zones to avoid VAT, which he believes should be imposed.

Source: zawya.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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