11 July 2024

The Thai cabinet today decided to retain the 7% value-added tax rate for all trade transactions, services and imports subject to VAT until the end of September next year.

Finance Minister Pridi Daochai said today that the decision to extend the 7% rate is intended to ease the financial burden on the people in general and to enhance the confidence of the private sector, which will help in the recovery of the economy hard hit by the COVID-19 pandemic.

7% VAT was first imposed in Thailand in 1992.