The existing Royal Decree Re VAT Rate Reduction from 10% to 7% has expired since September 30, 2010. The new Royal Decree is enacted to reduce the VAT rate from 10% to 7% for two more years from October 1, 2010 to September 30, 2012.
While the Revenue Code stipulates the VAT rate to be 10%, the Revenue Code also grants an executive branch of government the power to reduce the VAT rate as it deems appropriate by issuance of a Royal Decree.
For more details, please contact our lawyers for consultation.
NARIT & ASSOCIATES NEWSLETTER No.47Edition October 2010
