- Thai government proposal to add VAT to businesses earning less than 1.8 million baht per year faces opposition.
- Finance Minister decided not to impose VAT on these businesses to increase revenue and reduce budget deficit.
- SMEs are concerned that expanding VAT would worsen their challenges amid a sluggish economy and competition from imports.
- Sangchai Theerakulvanich suggests incentivizing SMEs to join the VAT system rather than adding pressure.
- Proposals include raising the income threshold for VAT registration and offering government support for registered SMEs.
- Suggests allocating part of VAT revenue to fund SME development and offering tax exemptions for three years to new VAT registrants.
Source: bangkokpost.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.
