Finance official targets more financial stability

Deputy finance minister states VAT will not be hiked

- WICHIT CHANTANUSORNSIRI

Shoppers pay for goods at a fresh market in Bangkok. While some policymakers have pushed for a higher VAT rate to raise state revenue, Mr Vorapak says it is unlikely in the interim government.

(PHOTO: PORNPROM SATRABHAYA)

The Finance Ministry vows to lay the groundwork for fiscal consolidation to strengthen financial stability during the four-month tenure of the new government, says Vorapak Tanyawong, the new deputy finance minister.

Mr Vorapak also denied any plans to increase the value-added tax (VAT) rate.

He previously wrote on Facebook that a VAT adjustment could be considered at an appropriate time. Mr Vorapak clarified that the VAT will not be raised at this time as the interim government has only four months to govern.