The Thai administration has dismissed the possibility of increasing the value-added tax (VAT) from 7% to 10%. However, discussions have begun around this proposal to address the financial needs of Thailand’s aging population. The Office of Fiscal Economy has shed light on a proposal by the National Economic and Social Development Council, which advocates for an increase in the VAT rate to provide funds for senior citizens. Currently, around 13.5 million senior citizens reside in Thailand, making up nearly 20% of the population. The council predicts this number could rise to over 18 million within the next decade. Many elderly Thais are facing financial hardships, with a significant number struggling to cover basic expenses. The proposal to increase the VAT rate may face resistance from the public but could find acceptance with proper explanation.
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