- Proposal to lower VAT registration threshold could burden small retailers
- Current threshold requires businesses with 1.8 million baht or more in revenue to register for VAT
- Registered businesses must submit monthly VAT documents
- Somchai Pornrattanacharoen opposes the proposal, citing inconvenience for small shops
- VAT-inclusive system would increase accounting tasks for small shops
- Small businesses already pay other taxes like property tax
- Imposing VAT on businesses earning less than 1.8 million baht could discourage formal tax participation
- Many small business owners are unfamiliar with VAT filing procedures
- Somchai suggests taxing the rich and addressing tax loopholes instead
- Timing is poor due to weak consumer spending and competition with larger retailers
- Large retail chains expanding into rural areas threaten local businesses
- Somchai urges government to protect local businesses and reconsider revenue sources
- Suggests more efficient budgeting and cutting unnecessary spending
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.
