Finance minister mulls bridging gap between personal and corporate tax

[rooster59]

Finance minister mulls bridging gap between personal and corporate tax

By THE NATION

 

 

The incoming Finance Minister Uttama Savanayana is considering the restructuring of personal income tax and bringing it in line with corporate income tax in order to bridge the gap between the two taxes.

 

He said this at the sidelines of the “MAI Forum 2019” co-hosted by the Market for Alternative Investment (MAI) and MAI Listed Company Association in Bangkok on Saturday.

 

Currently, the maximum level of personal income tax is 35 per cent, while corporate income tax is 20 per cent. The minister said he will consider the option carefully, including a possible impact this plan may have on state revenue. 

 

He added that if the government launches any stimulus packages during this time, they will have to be customised to serve specific targeted groups. 

 

He has also called on MAI to seek ways to have small businesses listed in the MAI index.

 

Source: https://www.nationthailand.com/business/30372932

 

-- © Copyright The Nation Thailand  2019-07-14

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[YetAnother]

17 minutes ago, rooster59 said:

in order to bridge the gap between the two taxes.

spurious thai logic; they are two different things for very good reasons

[RichardColeman]

6 hours ago, rooster59 said:

He added that if the government launches any stimulus packages during this time, they will have to be customised to serve specific targeted groups. 

I wonder if lowering the baht would be a 'stimulus package' 

[Srikcir]

6 hours ago, rooster59 said:

He added that if the government launches any stimulus packages during this time, they will have to be customised to serve specific targeted groups. 

I wonder if this means further delaying the new Land and Building Tax that has been already delayed from being implemented in 2019 to January 1, 2020?

• Any new government economic stimuli needs funding and the new tax can add to the Treasury to help finance stimuli.
• On the other hand the new tax changes the manner building and land valuations for commercial use are done - based not on income from property & building but on highest and best use regardless of current use by owner.

https://www.thailand-business-news.com/property/71657-new-land-and-building-tax-collection-to-start-in-2020-in-thailand.html

The new tax has been characterized as the first wealth redistribution law.

http://www.khaosodenglish.com/news/business/2018/11/23/thai-law-behind-new-property-taxes-a-historic-push-for-redistribution/

But given the previous Prayut government's delay for implementation until after the elections, there might now be regrets by the "new" Prayut government to see the tax activated at all. This law will become a test of the new Prayut government's commitment for wealth redistribution.

[brain150]

All taxes are legalized theft !

... taking money from anybody without their consent is a crime !!!

 

Governments don't need taxes to finance anything - it works differently.