- Temporary 8% VAT rate extended until 31 December 2024
- Scope of extension covers goods and services originally subject to 10% VAT rate
- Exclusions include telecommunications, financial services, real estate activities, and more
- Reduction method for businesses using credit method is applying 8% VAT rate on invoices
- Businesses using direct method reduce VAT rate by 20% for in-scope goods and services
- Declaration procedure requires businesses to declare purchases or sales on Form No. 01
Source: taxathand.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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