Thailand will keep VAT rate at 7% until Sept 2016: deputy prime minister

[BANGKOK] Thai Deputy Prime Minister Pridiyathorn Devakula said on Friday the government plans to keep the value-added tax at 7 per cent for another year from the end of September to support the economy.

In February, Finance Minister Sommai Phasee told Reuters that if the economy improved, the government would go ahead with plans to raise VAT to 8 per cent by Sept 30 to boost state finances.

Pridiyathorn said also Thai exports are expected to grow 2-4 per cent this year.

Later on Friday, the Bank of Thailand will release its new economic forecasts for export and economic growth.

REUTERS