THE Finance Ministry will this week submit a draft on amending the Revenue Code to impose 7% value added tax (VAT) on all imported goods valued less than 1,500 baht for cabinet approval, TV Channel 7 said last night (May 12).
Currently consumers buying low-value goods from overseas online platforms are exempt from this tax while local suppliers are subject to it putting the latter at a disadvantage.
Deputy Finance Minister Julapun Amornvivat said after cabinet approval the draft will be submitted to the Council of State for review and then announced in the Royal Gazette for enforcement.
Currently many countries have started imposing VAT on online orders for overseas goods and Thailand doing so for imported goods sold at less than 1,500 baht per parcel will make this taxation fair for local entrepreneurs.
Initially the Customs Department will collect the 7% VAT and send it to the Revenue Department but in the next phase discussions will be held with online platform operators to collect and forward it.
CAPTION:
A representative Image of online shopping by Thai Rath
Also read: PM says cannabis to be re-listed as narcotic by end of 2024
Krisada calls it quits as deputy finance minister
MP slams using Central Fund to partly finance digital wallet project
Govt dared to dismiss Central Bank Governor over digital wallet row
Phumtham warned to never export 10-year-old rice
COLUMN: Israel pulled out of the ATM Dubai. So did I. Here’s why.
