Transcript of the above video:

As the title of this video suggests, we are discussing the VAT. For those unaware, Thailand does utilize what is called a Value Added Tax system. Generally speaking, this is a tax that occurs in the economic supply chain if you will as goods and services are transacted, the Value Added Tax generally is added on top of whatever the cost is or factored in in some way. Presently the Value Added Tax is 7% in Thailand although that is technically a temporary measure. VAT was initially passed at 10%. It was dropped down to 7% on an ad hoc basis and they have continued to extend the law that keeps it at 7% since the time it was promulgated, to the best of my knowledge. 

Quoting directly from a recent article in the Bangkok Post, that is bangkokpost.com, the article is titled: Cabinet Approves VAT Extension. Quoting directly: "The Cabinet on Tuesday approved the extension of the 7% Value Added Tax, (VAT) rate for another two years to help reduce the financial burden of consumers, enhance business confidence and boost economic recovery. Rachada.Dhanadirek a Deputy Government spokeswoman said the 7% VAT will be retained until September 30, 2023." So we have got a while to wait before we even have to deal with the possibility that we are going to see a VAT increase here in Thailand. 

For those unaware, VAT can be a major issue having to do especially in SMEs with a foreign national's visa renewal. One of the things I have always noticed Immigration really looks at carefully is VAT returns, and folks are keeping up with their VAT filings and VAT being paid.

So again, the thing to take away from this video is that for now VAT is going to remain at 7% and it looks like it is going to remain there until September of 2023.