The Taxman Cometh in Southeast Asia

Quick Summary:

In the aftermath of the COVID-19 pandemic, many governments in the region are attempting to get deficits and public debt levels back under control.

Thailand’s consumption tax has been set at 7 percent since 1992, so it’s due for an increase as a simple matter of fiscal reality, but doubling it in one go was never likely to be a winning strategy.

Indonesia raised its Value Added Tax (VAT) to 11 percent in 2022, and is set to hike the rate to 12 percent in the beginning of 2025, although lawmakers are facing public pressure to delay or modify the increase.

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Article Details

Author / Journalist: James Guild

Category: Economy

Markets: United StatesBangladeshChinaIndiaIndonesiaNorth KoreaMalaysiaMozambiqueMyanmarOmanPakistanPhilippinesSingaporeThailandUzbekistan

Topics: Percent Pandemic Southeast Consumption Taxes Asia Fiscal Revenue Year Region 2025

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-12 @ 06:05:00 (22 hours ago)

News Timezone: GMT +8:00

News Source URL: thediplomat.com

Language: English

Article Length: 2047 words

Reading Time: 12 minutes read

Sentences: 102 lines

Sentence Length: 21 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Diplomat

News ID: 24379020

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