Thailand has no plans to raise VAT from current 7%: finance ministry
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
THAILAND has no plans to raise the current 7 per cent value-added tax (VAT) to help support the economy, which is expected to grow at a faster pace in the second half of the year, the finance ministry said on Monday (Aug 28).
The current VAT level will also help reduce living costs and build business confidence, the ministry said in a statement.
Strength in the tourism sector and increased domestic consumption will continue to drive South-east Asia’s second-largest economy, which is expected to grow faster in H2 after expanding 2.2 per cent on year in the first half, the ministry said.
The government’s fiscal position remained strong and sufficient for implementing economic measures, the ministry said.
The finance ministry has forecast economic growth of 3.5 per cent this year, after last year’s 2.6 per cent expansion. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Near sell-out launches in March boost developer sales to 1,300 units after four slow months
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025
