On 13 September 2023, the Thai Cabinet approved the extension of the reduced VAT rate of 7% until 30 September 2024. Thailand's standard rate is 10% but was reduced to 7% (including local tax) as part of special economic measures taken after the 1997 Asian financial crisis. The reduced rate is generally extended on a yearly basis although it was previously extended by two years to 30 September 2023 considering the impact of the COVID-19 pandemic.