BANGKOK – The cabinet approved an increase in the value-added tax for liqueurs and tobacco by two percent to contribute to a fund for elders.
Prime Minister’s Office Vice Minister Kobsak Pootrakool said the cabinet approved in principle the contribution to the elders fund through the two-percent increase in the value-added tax for liqueurs, tobacco, and beers in bid to allocate four billion baht to the fund yearly.
The Ministry of Finance has considered the scheme to allocate four billion baht to the fund for each elder to have 900 – 1,300 baht in monthly allowance.
The new tax measure will not take immediate effect and is pending consideration by the Council of State, which would take a few months, followed by approval from the National Legislative Assembly which would take two more months. The new law is expected to be effective in early 2018.
