Thailand has no plans to raise VAT from current 7%: Finance Ministry
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Strength in the tourism sector and increased domestic consumption will continue to drive Thailand's economy.
PHOTO: AFP
BANGKOK - Thailand has no plans to raise the current 7 per cent value-added tax (VAT) to help support the economy, which is expected to grow at a faster pace in the second half of the year, its Finance Ministry said on Monday.
The current VAT level will also help reduce living costs and build business confidence, the ministry said in a statement.
Strength in the tourism sector and increased domestic consumption will continue to drive South-east Asia’s second-largest economy, which is expected to grow faster in the second half of the year after expanding 2.2 per cent year on year in the first half, the ministry said.
The government’s fiscal position remained strong and sufficient for implementing economic measures, it added.
The Finance Ministry has forecast economic growth of 3.5 per cent this year, after 2022’s 2.6 per cent expansion. REUTERS
