Finance Ministry casts around for new ways to raise taxes

[spidermike007]

I have an absolutely radical proposal. Dramatically lower import taxes on luxury goods, and especially wine. It would stimulate a wine culture here, stimulate high end tourism, and increase revenue. People buy more, when they are not being asked to pay inane prices for an item. A bottle of wine that I pay $40 for in California, costs $125 to $150 here, if you can find it. The high end Chinese tourists, and wealthy Western tourists, are totally turned off by the lack of a wine culture here, which is a direct result of the onerous taxes. By lowering the duty to 100%, revenue would be boosted substantially, as the industry would grow overnight, into a multi billion dollar trade.

 

A new BMW 5 series starts at $53,000 in the US. Here that same car is nearly 3,500,000 baht, or about $114,400. Lower the duty, stimulate the market. Only people with alot of cash, and a desperate need for status, feel comfortable paying more than double for something they can find most anywhere in the world for half price, or less. 

 

Same goes for luxury goods. Wealthy tourists want to be able to buy a new purse when they are traveling. They can find that new Prada purse for $5,000 in Singapore, Hong Kong, London, New York, Milano, Sydney, Chicago, Brussels, or Madrid. Why pay $15,000 for it here? It is absolutely mindless, inane, non-visionary policy. No wealthy person is going to do that, other than a few Thais. 

[Misterwhisper]

2 hours ago, Eric Loh said:

The FM can talked to his boss about his vowed to push through tax hikes like the inheritance tax and the land and building tax. He had the power during his coup installed regime but decided to delay delighting his wealthy elites. The Land and Building tax alone would have raised about 100 billion baht in additional revenue. Lets see if the FM is just full of talk and bs and will not push through with new taxes for the rich and instead lay more taxes and sufferings to the middle class. 

Inheritance tax, land tax, building tax. They all currently do not exist in Thailand, therefore they are all very valid suggestions.

 

But it's not going to happen. Think about it: Who inherits veritable fortunes and huge business empires? Who has gigantic land holdings? Who builds fancy skyscrapers, posh housing estates and luxurious mansions? The rich and powerful do, the so-called elite. And since our politicians are kin, they are not going to fleece themselves, now will they? 

[Redline]

Close tax loopholes for the rich

[remorhaz]

Well obviously the solution is "falang must pay".  How they do this really isn't relevant they've strangled the goose that lays the golden eggs but its still kicking so lets run some electricity through it to keep its heart beating awhile longer.  

 

I know... any falang who owns a condo should be required to pay an outrageous property tax that destroys any value the condo once had and imposes a huge carrying cost.  That way, Thais can buy up the condos on the cheap and the land will rejoice.  Worry about the unintended consequences later.

Edited August 6, 2019 by remorhaz

[gunderhill]

tax  stupidity starting  with the  entire  govt,  theyd  make  a  fortune.

[mok199]

Casinos by the end of the year....Bet on it !!!

Edited August 6, 2019 by mok199

[Srikcir]

12 hours ago, webfact said:

Finance Ministry casts around for new ways to raise taxes

This is getting ridiculous.

• June 6, 2019: The key parties making up the pro-military coalition led by Prayuth - Palang Pracharath, Democrat and Bhum Jai Thai - broadly agree on priorities such as helping farmers, cutting taxes and expanding welfare. https://www.businesstimes.com.sg/government-economy/thailands-slump-is-first-test-for-junta-leaders-new-government

Cut taxes, raise taxes, delay taxes....????

Is this a sign this government when it was a unified political organization never knew over the last five years and still now as a coalition still doesn't know what to do about fiscal management?

Or has it become simply a matter of difficulty protecting the new levels of income inequality (recently accorded the highest in the world) while trying to convince the Thai public progress is being made.

[natway09]

Give the Inland Revenue Dept in Australia a call,,,,,,

They have it down pat

[SOUTHERNSTAR]

The richest 1% owns 66% of the countries wealth.

Taken from Forbes;   Thailand's Richest 2018: Top Heavy List Sees Wealthiest Add Close To $25 Billion.
or;   27 Thais who made Forbes' 2019 Billionaires List. 
Here's a place to start. 
 

Sent from my SM-A730F using Thailand Forum - Thaivisa mobile app

[Eric Loh]

2 hours ago, mok199 said:

Casinos by the end of the year....Bet on it !!!

I concur with you and within the next couple of years. Just taking Singapore casinos as an example; they contribute 4% of GDP. If Thailand make gambling and lottery legal, it will contribute significantly to revenue. 

[metisdead]

Some troll posts and the replies have been removed. 

[Fex Bluse]

Once again, with all the new schemes, it was fairly obvious the country was insolvent and looking for monies wherever they could be extracted. 

 

Expats and foreign tourist and now big tech companies like Google and Amazon are easy targets.

 

The Thai Chinese billionaire tax dodgers are untouchable. 

[Fred white]

On 8/6/2019 at 4:59 AM, Puchaiyank said:

Expat community let's mobilize to help Thailand increase it's tax revenues...

 

Any ideas for new immigration requirements?  How about charging for 90-day reports and TM-30 filings?

 

Charge for parole officer to visit your residence and ask totally personal questions?

 

What you think?   ????

Don't give them any ideas

[MRToMRT]

On 8/6/2019 at 8:11 AM, david555 said:

For those who think it is not "Paradise lost" ..... jus wait ….little bit patience for the grab on your farang wallet 

They would have a very good  legal excuse example for a "regularization tax " for all those bypassed foreign quota "company form houses & condos..."  ( let us hope they never get that idea ….! )

I am surprised no one picked up on what you said, its particularly relevant. Once they figure that their tax laws are lax to non-working foreigners it will come down in hail and storm. Foreign property ownership taxes, foreign income taxes, foreign pension taxes, income taxes on worldwide income, OECD banking disclosures, the need of a TIN to bank anywhere. When they realize other countries do impose these we will all be royally shafted to some financial or bureaucratic degree.

 

 

Edited August 9, 2019 by MRToMRT
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