7% VAT rate extended for another year
04 July 2018
The current economic situation has led the Thai cabinet to approve an extension of the 7% VAT rate for another year until 30 September 2019.
Most goods and services are subject to VAT, including imported goods. Over the years, the 7% VAT rate has been implemented by a series of Royal Decrees issued under the Revenue Code, with the latest one expiring on 30 September 2018. Hence the government was required to approve another Royal Decree to maintain the VAT rate at 7% (the default rate under the Revenue Code is 10%).