Thailand’s Prime Minister, Abhisit Vejjajiva, has ruled out an increase in the rate of value added tax (VAT), either this year or next.
The standard rate of VAT in Thailand is 7%, made up of a national 6.3% rate and a municipal component. The standard rate is due to increase to 10% in October 2010, but the Prime Minister has now said that he sees no point to an increase in the tax in the near future, while the strength of the economic recovery remains uncertain, casting doubt on the future rate.
It was said that, in any case, the structure of the tax system as a whole is under review by the Ministry of Finance, but that a decision on a tax reform programme is likely to take up to 18 months. It is probable that measures will then be taken to expand the country’s tax base.
It is also foreseen that any increased revenues obtained by a broadening of the tax base will be used to promote tax “fairness” and the government’s welfare programmes.
.Tags: tax | business | individuals | tax rates | value added tax (VAT) | Thailand | tax reform | VAT
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