Blog > Marketplace News > Thailand will impose taxes on imported goods worth no more than 1,500 baht starting from the 5th of next month
Thailand will impose taxes on imported goods worth no more than 1,500 baht starting from the 5th of next month
Jayson 27 Jun 2024 11:06
According to a Thai Finance Ministry official on June 21, the Finance Minister has signed a notice approving the imposition of a 7% value-added tax (VAT) on imported goods priced at no more than 1,500 baht from July 5, 2024.
Currently, Thailand exempts imported goods priced at no more than 1,500 baht from VAT.
The notice stated that the fee will be collected by customs from July 5, 2024 to December 31, 2024, and then the tax department will take over the collection work.
The tax department is revising tax regulations to adapt to this change.
The Cabinet approved in principle on June 4 the Ministry of Finance's plan to impose VAT on imported goods worth more than 1 baht.
The measure is aimed at preventing cheap imports, especially those from China, from flooding the domestic market.
Under the current VAT system that has been in effect since 2018, only imported goods worth more than 1,500 baht are subject to VAT.
The move is part of the government's efforts to level the playing field between importers and local producers and comes in response to complaints from local businesses who reported an influx of cheap products sold online had a negative impact on their revenues.
Currently, Thailand exempts imported goods priced at no more than 1,500 baht from VAT.
The notice stated that the fee will be collected by customs from July 5, 2024 to December 31, 2024, and then the tax department will take over the collection work.
The tax department is revising tax regulations to adapt to this change.
The Cabinet approved in principle on June 4 the Ministry of Finance's plan to impose VAT on imported goods worth more than 1 baht.
The measure is aimed at preventing cheap imports, especially those from China, from flooding the domestic market.
Under the current VAT system that has been in effect since 2018, only imported goods worth more than 1,500 baht are subject to VAT.
The move is part of the government's efforts to level the playing field between importers and local producers and comes in response to complaints from local businesses who reported an influx of cheap products sold online had a negative impact on their revenues.
