Thai SMEs and Commerce Chamber Oppose VAT Increase, Cite Poor Timing

• Thai Chamber of Commerce and SMEs oppose the increase in VAT, stating it is not the right time
• Pichai Naripthaphan, Minister of Commerce, mentions that the idea of increasing VAT from 7% to 10% or 15% is still not finalized and is a concept from the Ministry of Finance
• Pichai reassures that any potential VAT increase will not adversely affect the cost of living as the government will continue to protect the public
• Sanan Angubolkul, chairman of the Thai Chamber of Commerce, notes that the Thai economy has grown less than 2% in recent years, justifying the continuation of the 7% VAT rate
• Concerns are raised that increasing VAT could lead to SMEs and e-commerce businesses avoiding entering the VAT system
• The government is urged to bring more businesses into the tax system to increase tax collection and prevent money from flowing out of the country
• It is suggested that if the economy grows by 5% and income distribution improves, the public might accept a VAT increase

Source: bangkokbiznews.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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