The government of Thailand is reportedly planning to extend the 7% value added tax (VAT) rate for an additional year. The current 7% VAT rate is the result of special economic measures taken after the 1997 Asian financial crisis. The reduced rate has been extended multiple times and is currently set to expire 30 September 2016, after which the standard rate of 10% would apply.
In addition to extending the 7% VAT rate, the government is also considering ways to expand the VAT base and improve…