Revenue Dept wants to keep 7% VAT until next year

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BANGKOK, April 15 – The Revenue Department is proposing to the Finance Ministry to delay increasing the value added tax (VAT) for another year, its director general said.

Suthichai Sangkamanee said the current VAT collection deadline is September 30 while reducing income tax from 30 per cent to 23 per cent and eventually 20 per cent will end on December 31.

The Finance Ministry has been asked to maintain the current collection of both categories of tax for one more year, he said.

He said the Finance Ministry will have to seek approval from the Election Commission before asking the caretaker Cabinet for its decision.

He said a failure to decide may impact the country’s economic system and private sector investment plans. (MCOT online news)