Value-added tax

Thailand to keep value-added tax at 7% for another year, official says

[BANGKOK] Thailand’s cabinet on Tuesday approved keeping the value-added tax at 7 per cent for another year, Deputy Finance Minister Julapun Amornvivat said. REUTERS

Malaysia is set to roll back its petrol subsidies sometime next year.

Opinion & Features

THINKING ALOUD

Tax reforms vs citizen comfort: how Malaysia and Indonesia walk a tightrope

The major Asean economies aim to strengthen fiscal health while easing the burden on citizens, though some public backlash may be inevitable

Jakarta has said the VAT hike is needed to improve the structural health of the budget and has planned fiscal stimulus alongside the new rate.

International

Indonesia's president agrees to selective VAT hike

Starting Jan 1, 2025, VAT will rise to 12% from 11% currently

The clarification came days after Pichai mooted the idea of hiking the consumption tax to 15 per cent from the current 7 per cent to address income inequality and mobilise funds for public investment to boost a sluggish economy.

International

Thailand rules out raising value-added tax after public outcry

The tax will not be raised to 15%

Indonesia's VAT is set to rise to 12% on Jan 1, 2025, but public demand for delay mounts.

Asean Business

Indonesian parliament proposes VAT hike only for luxury items

INDONESIA’S parliament said on Thursday (Dec 5) it had proposed to the government to only raise the current value-added tax (VAT) rate for luxury items to avoid an impact on low income people.

Indonesian businesses and unions have called for the legislated increase in the VAT rate to be paused because the economic environment is deteriorating.

Asean Business

Indonesia to press ahead with VAT hike, minister says

INDONESIA will next week confirm it is hiking the value-added tax (VAT) rate to 12 per cent, the Coordinating Minister for Economic Affairs said late on Tuesday (Dec 3), despite huge public pressure t...

Almost all products and services are subject to VAT, but staple foods and some items and services related to education and health are exempted.

Asean Business

Business, labour opposition grows to Indonesia’s scheduled value-added tax increase

INDONESIAN businesses and unions have called for a legislated increase in the value-added tax (VAT) rate to be paused because the economic environment is deteriorating, as the government has signalled...

Indonesian Retailer Association warns that the planned tax hike could hit the retail sector hard.

Asean Business

Business uproar mounts as Indonesia pushes VAT hike amid sluggish demand

Set to take effect on Jan 1, it adds pressure to an already fragile economy, stoking fears of reduced consumer spending and strained business operations

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