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VAT, personal and corporate income tax cuts extended for another year

As recommended by the Finance Ministry to boost confidence in the Thai economy, the National Council for Peace and Order decided today to extend the 7 percent value-added tax for another year starting from this October 1 until September 30 next year.
VATThe council also agreed to extend the personal income tax and corporate income tax cuts for another year from January 1, 2014 until December 31, 2015 and from January 1, 2015 until December 30, 2015 respectively.

The personal income taxation is divided into seven rates depending on the income of the taxpayers as follows 5, 10, 15, 20, 25, 30 and 37 instead of five rates. This will help the majority low income-earners to pay less tax while the top income-earners will have to pay more taxes.

The corporate income tax is capped at 20 percent instead of 30 percent.

The NCPO also acknowledged an agreement between the Mass Rapid Transit Authority and BTS Skytrain to maintain the fares of the Chalermratchamongkok route of the MRT service at a minimum of 16 baht up to a maximum of 40 baht for a trip.

Thai PBS

 

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