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NLA proposes VAT hike to 8 per cent

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NLA proposes VAT hike to 8 per cent

By The Nation

 

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The National Legislative Assembly has agreed that value-added tax (VAT) should be increased from 7 per cent to 8 per cent.

 

However, the final decision on the tax hike will be made by the Cabinet after the NLA submits its proposal for approval on Thursday.

 

The proposed VAT hike is part of tax reform package proposed by NLA’s committee on economy, finance and fiscal.

 

Increasing VAT by 1 per cent would result in Bt60 billion to Bt70 billion more in government revenue, according to the committee. 

 

General Prayut Chan-o-cha’s government has maintained VAT at 7 per cent for fear of public opposition.

 

Source: http://www.nationmultimedia.com/news/breakingnews/30315615

 
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-- © Copyright The Nation 2017-5-18

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Posted (edited)

Isn't the official rate 10% anyway and it just gets cut every year to 7% for some mysterious reason?

Edited by wump

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1 minute ago, wump said:

Isn't the official rate 10% anyway and it gets cut every year to 7% for some mysterious reason?

 

I believe that Thai Law stipulates 10%. But as with most things "legal" in Thailand, the reduced VAT rate of 7% has been periodically extended by various "governments" and Royally Gazetted.

 

It seems like the current extension runs through 30 September 2017, and again by law, it would rise to 10% on 1 October 2017.

 

 

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How about raising the rate to 10% and exempting basic foodstuffs (but not processed crap)?

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Is that 10% overall, or 10% to be actually paid?

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Gotta pay for those oh-so-necessary subs somehow. Plus this tax increase will definitely bring much happiness to the People. Way to go Govt!

 

 

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Mmmh? VAT is usually on top of the price. So if you want to sell your 100 Baht product, you'd have to sell it for 110 Baht. The final price will include 10 Baht VAT which is around 9.1%.

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40 minutes ago, wump said:

How about raising the rate to 10% and exempting basic foodstuffs (but not processed crap)?

Nothing should be exempted, it makes the situation confusing and no matter how this would be done creates grey areas and therefore some difficulty in applying the law.

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2 different rates of VAT rates is practiced in most countries that have VAT. In Australia its 10%/0%, in Germany it's 19%/7% etc.

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11 minutes ago, wump said:

2 different rates of VAT rates is practiced in most countries that have VAT. In Australia its 10%/0%, in Germany it's 19%/7% etc.

Netherlands its 21% vs 6%

 

Its quite normal and easy to describe what is what also there are things that are free of vat like healthcare / education and others. 

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Posted (edited)

the land tax was put in too slow and the rate should be higher.....

and on THAT one, that tax.... a lot lower and less exemptions.


and as well part of that deal should be done along with....  while it is still at all possible.... funding and managing the public schools locally.  

instead of just spending more money on it from Bangkok... for more fingerprint machines. 



 

Edited by maewang99

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14 hours ago, darksidedog said:

It was only a few weeks ago, when this matter first crept into view, that the PM denied it was going to happen and told us not to worry.

Just a practice exercise, in hypothetical revenue calculation, or some other old pile of tosh.

Clearly you can tell when he is lying, because his lips move, but I guess, given the coffers are empty, this is the path to Submarine and Tank ownership.

 

 

just hope more people wake up; military mismanages the country, raises their own budgets (our money BTW) and then raises our taxes

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2 hours ago, wump said:

How about raising the rate to 10% and exempting basic foodstuffs (but not processed crap)?

You must've an Ocker... the major reason is cost of administration and definition of the boundaries.. other than Australia, I think most peoples apply the KISS principle... keep it simple, stupid

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