The Ministry of Finance in Thailand has denied plans to increase the value-added tax (VAT) from 7% to 10% in order to generate more revenue for old age pensions. This comes in response to a proposal by the National Economic and Social Development Council to increase support for pensioners, which included a suggested hike in the VAT rate. The director of the Fiscal Policy Office stated that there is currently no plan to increase the tax, as it would require a new law to be enacted. Thailand introduced VAT in 1992 at a rate of 10% and reduced it to 7% in 1997.
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