Change in VAT rate

[Marmite the Dog]

I have just been informed of a VAT rate change.

From 7% to 6.3% until 30-Sep-08 then 9% from 1-Oct-08 onwards.

[Thetyim]

Have I read that right ?

It will go down and then up

[Marmite the Dog]

So it seems.

[William]

The Revenue Dept. hasn't changed its website, but I'm checking this.

[Marmite the Dog]

^ Check your shemale.

[William]

"Actually, the VAT rate will be the same 7% (VAT 6.3%+local tax 0.7%) until Sep 2008 and
from 1 Oct 2008, the new VAT rate will be 10% (VAT 9%+ local tax 1%)"

^From my tax person

[Butterfly]

looks like they split the VAT between government and local now

The IMF has asked for the VAT @ 10% for a while since 2003 to boost public funding

[Marmite the Dog]

Where does the local tax go and where does the VAT go?

[William]

^by that, do you mean which revenue office?

[Marmite the Dog]

I guess so.

[watterinja]

Nothing like a tax increase to boost a flagging economy.

[Butterfly]

actually public funding boosting can revive the economy if the money is used for big infrastructure projects

Thailand is 20 years behind in most of its public infrastructure, which explains why it can't grow continuously

[watterinja]

No need to raid the public in LOS. Just go knocking on the top 100 doors of power & there'll be more than enough...

[sharon]

Does that mean the income rate is higher?

[Thetyim]

^ This is VAT nothing to do with income tax

[sharon]

Damn.