VAT Increase Delayed Until 2014

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Posted: 14 Aug 2012 | 6:00 am

Thailand's Cabinet has deferred a VAT (value- added-tax) increase from the present 7% for two more years.

The move, which will see the rate move to 10% in October 2014, is intended to address concerns over a volatile economic outlook.

Critics of the move point out that VAT remains the single largest element of revenue for the tax department, and that funds are needed to improve the country's ailing infrastructure.

In comparison to most Asian countries with a regional average of just over10%, Thailand remains significantly under its competing economies.

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