Revenue Department requests 1-year extension of 7% VAT rate
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THE Revenue Department has proposed that the Finance Ministry leave the value-added-tax (VAT) rate unchanged at 7 per cent for one more year as a way to stimulate domestic consumption.
Prasong Poontaneat, director-general of the department, said it would propose an extension of the current VAT rate for one more year after its expiration on September 30, given the current economic situation. The extension would be aimed at promoting domestic consumption. According to the relevant tax law, the VAT rate should be 10 per cent.
