VAT is added to a product's price at every stage until it lands in the hands of the consumer, who pays the final tax. It was implemented in 1992 to replace the business tax. By law, consumers are required to pay 10 per cent VAT, but it was reduced to 7 per cent since March 1998 after the financial crisis kicked in. Several governments have maintained it at this rate for many years.
Benjarong Suwankiri, first vice president and team head of TMB Analytics at TMB Bank, told Nation TV yesterday that the plan to increase the VAT rate did not surprise him, though he was not sure the economy was strong enough to handle a jump to 10 per cent all at once. He suggested the rate should instead be gradually increased at 1 percentage point at a time.
VAT is added to a product's price at every stage until it lands in the hands of the consumer, who pays the final tax. It was implemented in 1992 to replace the business tax. By law, consumers are required to pay 10 per cent VAT, but it was reduced to 7 per cent since March 1998 after the financial crisis kicked in. Several governments have maintained it at this rate for many years. Benjarong Suwankiri, first vice president and team head of TMB Analytics at TMB Bank, told Nation TV yesterday that the plan to increase the VAT rate did not surprise him, though he was not sure the economy was strong enough to handle a jump to 10 per cent all at once. He suggested the rate should instead be gradually increased at 1 percentage point at a time.
การแปล กรุณารอสักครู่..