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Expect to pay less income tax, says new finance minister


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Expect to pay less income tax, says new finance minister

By The Nation

 

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The new finance minister is likely to bring down the rate of personal income tax, and has said that his party will discuss the implementation of tax cuts with coalition parties. 

 

“Phalang Pracharat Party will discuss the details of implementing the proposed 10-per-cent tax cut,” Finance Minister Uttama Savanayana confirmed on Wednesday, his first day in office after the government was sworn in on Tuesday. 

 

Uttama, who is also leader of the Phalang Pracharat Party, said the new economic package aims to support both the grassroots group as well as people living in urban areas. Details of the economic policy will be available after the new government presents its policies in Parliament on July 25-26. 

 

While campaigning for votes, Phalang Pracharat Party promised a 10-per-cent cut in personal income tax for all seven income brackets, which is estimated to cost the country Bt50 billion to Bt60 billion annual. In comparison, coalition member Democrat Party had promised a 20-per-cent tax cut for people earning no more than Bt2 million per year. 

 

Democrat MP and former finance minister Korn Chatikavanij had previously voiced opposition to Phalang Pracharat’s proposal, saying it would hit the tax base hard, bringing tax returns filed annually to 1 million from the current 4 million. 

 

Meanwhile, Uttama has said that the current rates for personal and corporate income tax are not compatible because corporate tax stands at just 20 per cent. 

 

Personal income tax is charged at a progressive rate of 5, 10, 15, 20, 25, 30 and 35 per cent. Those earning more than Bt150,000 but below Bt300,000 are subject to the lowest rate of 5 per cent, while those earning over Bt4 million a year are subject to the highest rate of 35 per cent.

 

Source: https://www.nationthailand.com/business/30373140

 

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-- © Copyright The Nation Thailand  2019-07-17
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So only 4 million tax returns filed each year out of a 'working' population of, say, 45 million ... All the others too poor to bother.

 

So guess who gets to benefit from tax cuts?

 

 

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10 hours ago, snoop1130 said:

Phalang Pracharat Party promised a 10-per-cent cut in personal income tax for all seven income brackets

Not hard to see through this one, it is as clear as glass.

The pro military Phalang Parachat Party whose party members are made up of the most wealthiest people in the country will be the biggest recipients of this tax cut. For them and including the filthy rich 1% this 10% tax cut across all brackets of taxation will be a bonanza. 

The PPP are certainly looking after their own. For most of the rest of the country it will be valueless or at best worth peanuts.

Photo depicts PPP members and the cream of Thai society guests at a lavish fundraiser gourmet feast bringing in 600 million baht.

Pigs at the PPP fund raising dinner.jpg

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41 minutes ago, essox essox said:

so how much TAX do massage shops, ladies taken from bars, on street food vendors, baht bus drivers and motor cycle taxi drivers ACTUALLY pay??

And anyone who rents out property??

My friend is a "win Taxi rider" he's never paid income tax in his life... I asked him once he said the only tax he pays is VAT.. 

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1 hour ago, essox essox said:

so how much TAX do massage shops, ladies taken from bars, on street food vendors, baht bus drivers and motor cycle taxi drivers ACTUALLY pay??

And anyone who rents out property??

The Thai word 'soon' springs to mind. As in ZERO. They simply do not declare their income.

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2 hours ago, mfd101 said:

So only 4 million tax returns filed each year out of a 'working' population of, say, 45 million ... All the others too poor to bother.

 

So guess who gets to benefit from tax cuts?

 

 

the high ranking, mainly corrupt people in government.....I GUESS....

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2 hours ago, essox essox said:

so how much TAX do massage shops, ladies taken from bars, on street food vendors, baht bus drivers and motor cycle taxi drivers ACTUALLY pay??

And anyone who rents out property??

https://www.theglobaleconomy.com/rankings/shadow_economy/

 

The shadow economy according to that is 43.12% of GDP, in 2015. Of course, I've been told very accurate details of the cash flow between som tum buyers divided by nationality and cart sellers on soi buokhao are what TAT has and uses in their infinitely accurate figures. So no worries there, just believe them, they are aaaall legit.

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14 hours ago, snoop1130 said:

Phalang Pracharat Party promised a 10-per-cent cut in personal income tax for all seven income brackets

More income inequality.

At least the tax cut should be graduated from the highest rate at the bottom of earnings bracket to the lowest rate at the highest earnings bracket if the Democrat plan isn't used.

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8 hours ago, marko kok prong said:

Never known a country where fewer people pay tax.

Me neither. 

 

I have to say, and I think I must be missing something, if only 4 million out of a population of 77 million are paying tax, where does all the money in Thailand  come from?

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32 minutes ago, Bundooman said:

Me neither. 

 

I have to say, and I think I must be missing something, if only 4 million out of a population of 77 million are paying tax, where does all the money in Thailand  come from?

VAT/GST, import duties, Immigration fines ...

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