[BANGKOK] Thailand plans to reduce personal income tax rates from 2017 in a bid to boost consumer spending power and help broaden the tax base, a finance ministry official said on Monday.
Prasong Poontaneat, director-general of the Revenue Department, told reporters the government plans to submit a proposal to the cabinet by March so reduced levels apply from the start of 2017.
He did not give any numbers for what might change. At present, the range for personal income tax rates in Thailand is 5-35 per cent. "Even if government's revenue may be reduced in many ways, we believe the government will still see an increase in tax revenues from increased domestic consumption," Mr Prasong said.
Last year, Finance Minister Apisak Tantivorawong said the cabinet had fixed the country's corporate tax rate permanently at 20 per cent, aimed at boosting long-term investor confidence.