- Prime Minister Anutin Charnvirakul assured that the current 7% VAT rate will remain unchanged while Thailand is still recovering.
- Although Thai law sets VAT at 10%, exemptions have kept it at 7% due to economic and social conditions.
- Plans to raise VAT to 8.5% by 2028 and 10% by 2030 are only long-term projections, with no immediate increase planned.
- The restaurant industry expressed concerns that a VAT hike would increase business costs and inflation, worsening the cost of living.
- The government’s fiscal plan aims to reduce the budget deficit, but business leaders urge careful consideration of VAT increases across sectors.
Source: nationthailand.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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