- There is a renewed proposal in Thailand to increase VAT from 7% to 10% to boost government revenue.
- Thailand’s current VAT rate (7%) is lower than most ASEAN neighbors (10-12%) and much lower than the global average (15-21%).
- Countries use VAT revenue to fund public services, welfare, national security, stimulate the economy, and support low-income groups.
- Some countries apply reduced VAT rates for essential goods to ease the cost of living for vulnerable populations.
- For Thailand, raising VAT aims to improve revenue collection efficiency and support national development and competitiveness.
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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