Thailand plans to keep the existing value-added tax rate unchanged at 7 percent until the end of the next fiscal year in September 2019 to support domestic activity, government officials said on Monday.
“It’s not time to raise the VAT yet. Although the economy has recovered, the government does not want to put more burden on the people,” spokesman Sansern Kaewkamnerd told reporters.
The finance ministry expects Southeast Asia’s second-largest economy to expand 4.5 percent this year, after a 3.9 percent growth last year, the fastest pace in five years.
The VAT plan will be submitted to the cabinet for approval soon, Finance Minister Apisak Tantivorawong told reporters.
Despite high oil prices, the government has no plans to cut taxes on oil as oil prices are expected to fall later, he added. TP – EP
Relief: Thailand to keep VAT unchanged at 7 percent until September 2019
