Finance Ministry Proposes VAT Amendment for Imported Goods Under 1,500 Baht
On May 30th, 2024, Mr. Chulaphan Amornvivat, Deputy Minister of Finance, announced a proposal from the Ministry of Finance to amend laws regarding Value Added Tax (VAT) collection on imported goods valued at less than 1,500 baht.
Deputy Minister Chulaphan stated that the bill, which has been approved by Finance Minister Pichai Chunhavajira, aims to create a fairer system for the public and private sector importers, international manufacturers, and SMEs in Thailand.
This proposal will be presented to the cabinet for consideration next week.
Initially, the Customs Department will be responsible for collecting VAT on imported goods valued at less than 1,500 baht and transferring the revenue to the Revenue Department, similar to the current process for goods exceeding 1,500 baht in value.
Additionally, the Ministry of Finance will consider amending the Revenue Code and will engage in discussions with online platform operators to facilitate the direct collection and remittance of VAT to the Revenue Department.
Thai Finance Ministry Proposes VAT Amendment for Imported Goods Under 1,500 Baht - The Pattaya News
