BANGKOK, April 1 – Thailand’s 7 per cent value added tax (VAT) will not be increased as the government’s tax collection target of Bt2.1 trillion will be achieved at the end of this fiscal year, the deputy prime minister/finance minister said today.
Denying a report of higher VAT by 1 per cent, Kittiratt Na-Ranong said tax collection in the first five months of this fiscal year, starting last October, has been above the target.
“Thailand’s VAT at 7 per cent is almost the same rate as Singapore’s and the lowest in Southeast Asia. There is no plan to adjust it,” he said.
Mr Kittiratt said the collection personal income tax, traditionally ends on March 31, has been extended to April 8 while deadline for payment of corporate income tax is end of May, adding that revenue from tax collection should be higher than the target despite tax reduction.
