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Thailand Implements VAT on Low-Cost Imported Goods

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Thailand has announced a 7% value-added tax (VAT) on imported goods priced under 1,500 baht (approximately US$40.93) effective from July to December, according to a finance ministry representative on Friday, June 21.


Currently, imported goods under 1,500 baht are exempt from VAT in Thailand.


Post-December, legislation will be updated to enable the revenue department to maintain the VAT collection on these items, the official informed Reuters.


In February, Deputy Finance Minister Julapun Amornvivat highlighted that low-cost Chinese imports, previously exempt from customs duties and VAT, were adversely affecting local manufacturers.


Prime Minister Srettha Thavisin has also pointed out that there have been instances of false declarations for low-cost Chinese products in free trade zones to evade VAT, which he believes should be enforced.


Source: Reuters


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The editorial team at Invest Bangkok Property


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