The Thai Revenue Code is undergoing changes to impose taxes on low-value goods (LVGs) imported into Thailand. However, temporary measures have been implemented by Thai Customs to subject nearly all imported goods to import duty and value-added tax (VAT) regardless of their value, effective from 5 July 2024 until the end of the year. This is in response to the historical exemption of LVGs from duty and VAT, which put domestic goods and local businesses at a disadvantage compared to overseas goods and suppliers. To address this imbalance, the Ministry of Finance announced plans to amend the Revenue Code to collect VAT on LVGs valued at more than THB 1 up to THB 1,500. In the meantime, Thai Customs will collect import VAT on LVGs.
Source EY
