The first increase in Thailand's Value Added Tax (VAT) in over a decade is expected next year, to 8%, advises BSA Law.
(1888PressRelease) October 28, 2014 - According to a bond market adviser to the Public Debt Management Office, VAT could then gradually increase to the ceiling under Thai law of 10%.
The National Council for Peace and Order (NCPO) recently approved an extension of the current 7% rate for another fiscal year, to 30 September 2015.
The announcement by the NCPO effectively maintains the policy of the former government issued in August 2012 to maintain VAT at 7% until 30 September. The administration wanted to stimulate consumer spending and spur the economy.
As Apisakdi Kongkangwanchoke, spokesman for leading international law firm in Thailand BSA Law explained, VAT was first introduced in 1992 at the 10% rate, to then be immediately cut to 7% at the request of businesses who considered the rate to be too high.
The NCPO has also agreed to extend the personal income tax and corporate income tax cuts for another year from 1 January 2014 to 31 December 2015 and from 1 January 2015 to 30 December 2015, respectively.
BSA Law specializes in providing various legal services and advice to foreigners in Thailand and local residents. This covers Thai labour law, Thai law in general, Thailand work permit and visa processes, starting a business in Thailand, accounting, auditing and tax consulting.
The services offered by law firms like BSA Law are often used by many foreigners working in Thailand, such as when it comes to filing their yearly personal income tax returns, which they are required to do so under Thai law the same as their Thai colleagues.
About BSA Law:
For over 30 years, Bamrung Suvicha Apisakdi Law Associates (BSA Law) has focused on providing reliable legal advice and services to the Thai and foreign business community in Thailand. BSA Law seeks to provide international standards of legal services while retaining the customs of the Thai business culture.
For more information please contact:
Jim Byrne
Business Advisor, BSA Law.
Email: jim ( @ ) bsalaw dot co dot th
The first increase in Thailand's Value Added Tax (VAT) in over a decade is expected next year, to 8%, advises BSA Law. 
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