Thailand to Retain VAT at 7% for Another Two Years (1)

Thai cabinet approves retaining the value-added tax rate at 7% for the next two fiscal years through September 2023, according to Government Spokeswoman Traisuree Taisaranakul.

• The move will not affect government’s revenue forecast in fiscal years 2021-22 and 2022-23 as budget assumptions are based on 7% VAT rate
• Cabinet also approves 4.2b baht capital raising plan by Export-Import Bank of Thailand to help support lending to SMEs
• The Finance Ministry delays online submission of some tax reports to help increase liquidity for business operators
• NOTE: Thailand first cut VAT rate to 7% from 10% in 1999 and has maintained …