VAT rate reduction
The standard VAT rate in Thailand is prescribed in the law as 10%, but the law permits it to be reduced by Royal Decrees. The rate currently sits at 7% due to Thai Royal Decree No. 684, which announced the reduced rate to be in effect from 1 October 2019 until September 2020.
At a cabinet meeting on 25 August 2020, the Thai government approved a new Royal Decree which maintains and extends the current rate of 7% until 30 September 2021. The 7% rate applies to sal…