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The cabinet has decided to maintain the 7% value-added tax (VAT) rate on goods and services until September 30, 2024.

The cabinet has decided to maintain the 7% value-added tax (VAT) rate on goods and services until September 30, 2024.

This decision was made yesterday at the first Cabinet meeting. Keeping the VAT rate at 7% will stimulate economic recovery through consumer spending on goods and services. Increasing the VAT to 10% could have caused dissatisfaction among consumers as it would significantly impact their expenses.

Initially, the Thai government levied a 10% VAT on all goods and services, but as of October 1, 2010, this rate was reduced to 7% and is subject to annual review.

Initially, the Thai government levied a 10% VAT on all goods and services, but as of October 1, 2010, this rate was reduced to 7% and is subject to annual review.

A month ago, the National Economic and Social Development Council proposed to the government to increase the budget needed to support the elderly by raising the VAT rate from 7% to 10%.

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