- Chamber of Deputies approves draft legislation on VAT reform
- Dual VAT system to be implemented in 2026 with a transition period of seven years
- Draft legislation submitted by Ministry of Finance on 25 April 2024
- Version approved by Chamber of Deputies includes changes like zero-rate VAT for certain items, VAT reductions for agriculture and medicine, cashback for lower income families, and excise tax adjustments
- Maximum VAT rate set at 26.5%
- Senate approval required in the second half of 2024
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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