- Thailand has introduced a new VAT policy for imported goods
- The new policy aims to create a level playing field between importers and local producers in the domestic market
- The Thai government has approved the proposal to impose VAT on all imported goods valued over 1 baht to prevent cheap imports, especially from China
- The new VAT threshold will be effective 15 days after official announcement and will last until December 31, 2024
- The government will evaluate the impact of the policy before deciding whether to extend it
- Currently, only imported goods valued over 1,500 baht are subject to VAT in Thailand
- The new measure is in response to complaints from local businesses, particularly online sellers, about the negative impact of cheap imported products on their income
- In the long term, the Thai government plans to amend the Revenue Code to address these issues.
Source: baochinhphu.vn
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.
