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Bangkok Post
Bangkok Post
Business

New VAT mulled that targets luxury goods

VAT Luxury Finance Ministry
A study estimated a two-tier VAT system with a higher rate for luxury items could generate additional revenue for the country. (Phot: Sarot Meksophawan-nakul)

The Finance Ministry is considering the introduction of a two-tier value-added tax (VAT) rate that could generate additional revenue of more than 100 billion baht, says a ministry source who requested anonymity.

The source said the Fiscal Policy Office studied the two-tier VAT system a long time ago. The system uses the current VAT rate of 7% for general goods and services, with a higher rate for luxury items.

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