Ministry Of Commerce Expects Tax Rehaul To Be Completed In 2-3 Months

Ministry of Commerce expects tax rehaul to be completed in 2-3 months

The Spokesperson of the Ministry of Commerce, Mr. Somchai Sajjapong (สมชัย สัจจพงษ์), expects that the new tax restructure will be completed within a few months, and will focus on increased sources of revenue for local administration, to decrease their reliance on state financial backing.

Mr. Somchai in referring to a tax restructure of the nation, stated that the new tax system will take into account the estimated spending of the government, the necessary funds required for local administration, and the expansion of a free-market economy which will increase the competitive potential of Thailand on the world arena. In addition, the tax restructure will include income tax, customs tariffs, duty, corporate tax, and new types of taxes, such as inheritance tax, property tax, and environment tax.

Mr. Somchai added that there will also be a restructuring of the local administration revenue system, to increase revenue through property tax, and billboard taxes. This is expected to decrease local administrative dependence on government financial backing. The tax restructure is expected to be completed in 2-3 months

Source: Thai National News Bureau Public Relations Department - 18 March 2006