Thai Ministry of Finance: Considering raising value-added tax in 2028 if economic recovery occurs.

According to Finance Minister Ekniti Nitithanprapas, Thailand may increase its current 7% value-added tax rate to 8.5% by 2028 to increase national revenue, as part of its medium-term fiscal plan. Ekniti told reporters on Thursday that under this plan, the value-added tax rate will increase to 8.5% in 2028 and then return to the normal level of 10% in 2030. However, Ekniti stated that the value-added tax rate will not be raised in the coming years due to the economic downturn. The government will only push for an increase in the value-added tax rate when the economic conditions improve. Note: Thailand lowered its value-added tax rate to 7% in 1999 and has maintained this level since then.