Revenue Department proposes another year of 7% VAT

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The Revenue Department has affirmed that it earlier advised the Finance Ministry to extend the 7 percent value-added tax (VAT) for another year to ease the burden on consumers during the current economic slowdown, according to the agency chief.

Director General Sutthichai Sungkamanee said there was no discussion with caretaker Prime Minister Yingluck Shinawatra on a plan to increase the VAT to 10 percent at the meeting on Wednesday as reported by some media.

Sutthichai said the Revenue Department earlier advised the Finance Ministry to keep the VAT rate unchanged for another year.

The two-year extension of the VAT at 7 percent was due to expire on September 30, he said.

The extension needs the approval of both the cabinet and the Election Commission (EC), he added.