BANGKOK (NNT) – The Cabinet has decided to keep the current 7% rate of Value Added Tax (VAT) for at least another two years, along with a deadline extension and penalty reduction for this year’s tax filing.
The Minister of Finance Arkhom Termpittayapaisith, today announced that Cabinet has approved an extension of the current 7% VAT rate on all sales, services, and imports that take place from 1st October 2021 to 30th September 2023, effectively maintaining the current reduced VAT rate for another two years.
The Cabinet, in its weekly meeting today, also confirmed tax relief measures for people affected by the COVID-19 pandemic as proposed by the Ministry of Finance.
The Minister of Finance said the Revenue Department has extended the deadline for online tax filing and payments, in order to give the general public and businesses more financial fluidity over a more prolonged time.
At the same time, penalties for late filing or failure to file taxes by the general public and businesses will be waived or reduced. This also covers inaccurate filings made my mistake. Some of the fines that are considered an alternative to criminal charges will be minimized, however they will not be entirely waived.