Finance Minister affirms VAT will not be raised this year

BANGKOK, March 10 (TNA) -- Finance Minister Apisak Tantivorawong said that there is no plan yet to increase the Value Added Tax (VAT) this year to 10 per cent from the current rate of seven per cent. He said that although the Thai economy is show signs of improving, the ministry has no plans yet to hike the VAT this year. Mr Apisak said the raising of the VAT depends on the readiness of the economy, since the authorities cannot only think about generating more income but must consider the suitability of the present economy to see where if the VAT was raised would affect the growth of the economy or not. He stressed that the government is set to hold an election at the beginning of 2018, where the government's efforts to create clarity on investments, particularly on infrastructure development would help to create more confidence among investors. The minister said in the near future, Thailand would also be turned into a central connection within the CLMV grouping, as once the country is finished with its reform plans the national economy would see continual growth for the next decade. (END)