BANGKOK (Xinhua): The Thai cabinet meeting on Tuesday (Aug 25) decided to retain the value-added tax (VAT) rate at 7 per cent for all trade transactions, services and imports till the end of September next year.
The new Thai Finance Minister Pridi Daochai said Tuesday that the decision to extend the 7 per cent rate is intended to ease the financial burden on the Thai people and to provide confidence to the private sector.
Retaining the 7 per cent VAT for now, will also help in the recovery of the economy hard hit by the Covid-19 pandemic, said Pridi.
The 7 per cent VAT was first imposed in Thailand in 1992.
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