BANGKOK, 10 March 2015 – The National Reform Council’s committee on economic and financial reform has urged the Finance Ministry to review the restructuring of the country’s personal tax collection.
Chairman of the NRC’s economic and financial reform committee Somchai Richupan said that the committee has suggested the Finance Ministry to adjust the tax rate brackets under the personal tax collection system to be more aligned with current value of the baht and the country’s economic development pace.
According to Mr. Somchai, the committee has viewed the current personal tax brackets that have been put to use for more than 20 years as outdated and a restructuring will bring more people under the system while current tax payers will be paying at least a little less – a scenario that will not affect the country’s revenue.
He added that the committee’s latest meeting with the Finance Ministry also discussed the planned implementation of the property tax policy, which the committee believes should be timely implemented in order to achieve the results of Thailand’s reform.
