Thailand: Finance Minister eyes tax adjustments

  • Finance Minister Uttama Savanayana on 13 Jul 19 pledged to consider adjusting income tax and corporate tax to bring the two rates closer.
  • The maximum bracket for income tax is 35% while that of the corporate tax is 20%, he said.
  • The impact of any adjustments to these taxes, including those on state tax revenues, will be carefully examined before any changes are adopted, Mr Uttama said.
  • He said any new economic stimulus package will have to be designed to serve specific target groups. The government would also have to ensure it is provided in sufficient amounts.
  • The Palang Pracharath Party, which he leads, pledged during its election campaign to raise to the minimum daily wage to THB400, up from THB308 at present.
  • He reiterated that parties in the coalition government will discuss ways to begin progressive adjustment of the wage to that target.
  • Mr Uttama, meanwhile, gave assurances that small- and medium-sized businesses will have better access to sources of funding for business development.

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