Thailand Mulls Raising VAT in 2028 if Economy Recovers: MOF

Thailand may begin raising its value-added tax from the current 7% in 2028 to boost state revenue as part of its medium-term fiscal framework, according to Finance Minister Ekniti Nitithanprapas.

• Under the plan, the VAT rate will be increased to 8.5% in 2028 and then return to a normalized rate of 10% by 2030, Ekniti tells reporters on Thursday
• Note: Thailand reduced the VAT rate to 7% in 1999 and has maintained level ever since
• However, the VAT rate won’t be raised in the next few years given the sluggish economy, Ekniti said
  • The government will proceed with VAT ...