Thailand Considers VAT for Businesses Earning Below 1.8 Million Baht Annually to Boost Revenue

• The Ministry of Finance is considering collecting VAT from businesses with income below 1.8 million per year.
• This is due to businesses avoiding VAT registration by spreading income.
• The Finance Minister is holding meetings to assess revenue collection and find new income sources.
• The tax reform committee is reviewing the VAT structure for businesses earning less than 1.8 million annually.
• A decision on a flat VAT rate for these businesses is expected within a month.
• The Cabinet approved an increase in excise tax on diesel and gasoline by 1 baht per liter.
• This tax increase is expected to boost government revenue by 3,000 million baht monthly.
• The fuel tax adjustment will not affect retail fuel prices or the public.

Source: thansettakij.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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