Agency keen to alter scrap iron VAT law

A scrap vendor roams the streets on a tricycle collecting used materials and waste.

The Revenue Department plans to propose to the finance minister revising the value-added tax (VAT) payment law for businesses buying scrap iron for recycling as some firms are issuing fake VAT invoices, says director-general Lavaron Sangsnit.

Mr Lavaron said he would propose downstream smelters in the steel trade be the parties issuing VAT invoices for purchases from scrap iron dealers.