6.3% VAT next fiscal year

The National Council for Peace and Order announced on Thursday it would trim the value-added tax (VAT) rate to 6.3% from 7% for the forthcoming fiscal year.

VAT will be decreased from Oct 1 this year to Sept 30, 2015, it said, adding the tax then will jump to 9% starting Oct 1, 2015.

The change comes as a surpise as the junta said on June 1 that it would keep the rate unchanged for another year.

Thailand charges VAT rate at 7% now.

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