1 May 2024
Following a mandate from Prime Minister Srettha Thavisin, the Thai government confirmed that it will remove the low-value goods Import VAT exemption on goods imported from outside the country.
Currently, there is an Import VAT exemption threshold set at Baht 1,500 (approx. £32), which allows importers to purchase goods free of VAT from non-resident companies up to this value. However, from May 2024, this threshold will be removed and instead, non-resident providers will have an obligation to charge VAT to the consumers at the current rate of 7%.
The Thai government hopes to confirm more around how to register as a non-resident company during May and it is widely thought that this will be via a simplified registration scheme with no VAT registration threshold.
Are you trading globally? Whether you require basic VAT advice or specific VAT compliance support, Fiscal Solutions can help. Our team of multi-lingual experts are knowledgeable in all the different VAT rules in Europe and around the world.
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