webfact 85568 Posted April 8 Share Posted April 8 (Photo by PORNCHAI KITTIWONGSAKUL / AFP) COVID-19 has dealt a double blow to Thailand’s finances, reducing tax revenue while increasing the amount of money the government must spend to keep the economy afloat. The Cabinet recently called on the Finance Ministry to study how tax revenue can be boosted, leading to speculation that value-added tax (VAT) may be hiked in the near future. However, Finance Minister Arkhom Termpittayapaisith has insisted that the government will not raise the VAT rate for now. Full story: https://www.thaipbsworld.com/tax-hikes-may-be-unavoidable-in-post-covid-economy/ -- © Copyright Thai PBS 2021-04-08 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates Link to post Share on other sites
GeorgeCross 7443 Posted April 8 Share Posted April 8 yeah raise taxes.. that'll help the recovery 1 1 Link to post Share on other sites
Popular Post edwinchester 8643 Posted April 8 Popular Post Share Posted April 8 Instead of a rise in VAT, which disproportionately hurts those who earn the least, maybe Thailand's fabulously wealthy should do the patriotic thing and start paying a more equitable share in the countries moment of need. 6 1 Link to post Share on other sites
Thomas J 2482 Posted April 8 Share Posted April 8 (edited) Yep, the economy is cratering, most other countries are pouring billions and trillions of additional spending to offset the negative impact of Covid, and Thailand wants to confiscate even more from those who now have even less. I am not sure where exactly this lunacy comes from, but it is obvious they are have a real commitment to it. One thing is sure: The closest thing to Eternity on earth is a "temporary" increase in any tax to meet a short term crisis. Edited April 8 by Thomas J 2 Link to post Share on other sites
Popular Post harada 4163 Posted April 8 Popular Post Share Posted April 8 Perhaps as an alternative they could just return the trillions of baht that have been siphoned off and stashed in overseas accounts over the decades. 6 1 Link to post Share on other sites
keithkarmann 215 Posted April 8 Share Posted April 8 3 hours ago, GeorgeCross said: yeah raise taxes.. that'll help the recovery If the workers were paid more then they would be able to contribute some income tax. 1 Link to post Share on other sites
new2here 507 Posted April 8 Share Posted April 8 Before I’d go after a hike in the VAT rate (or ending of the semi-permanent rollback) Id look to.... 1) Increase tax payer compliance - such as getting more people who work and earn income in the “informal” economy, onto both the income tax rolls ... (true, a lot of the workers in the informal sector won’t make enough to even be subject to taxation after all the statutory deductions are taken out, but I still think they need to be brought into the system none the less). 2) Make the necessary changes so the same VAT is collected and remitted by all the various “online only” sellers as a traditional brick-and-mortar shop would be paying. Granted, I think that these ideas wont be enough to raise the taxes they think they will need, but to me, BEFORE i start looking for new or higher taxes, I’d want to be sure that i’m collecting all or as much as practical, of the current taxes that the laws allows. 1 Link to post Share on other sites
hotchilli 18515 Posted April 8 Share Posted April 8 6 hours ago, GeorgeCross said: yeah raise taxes.. that'll help the recovery The pot needs refilling. Link to post Share on other sites
hotchilli 18515 Posted April 8 Share Posted April 8 5 hours ago, edwinchester said: Instead of a rise in VAT, which disproportionately hurts those who earn the least, maybe Thailand's fabulously wealthy should do the patriotic thing and start paying a more equitable share in the countries moment of need. Maybe Prayut will ask the billionaire families to donate again? 2 Link to post Share on other sites
Cake Monster 5350 Posted April 8 Share Posted April 8 16 minutes ago, hotchilli said: Maybe Prayut will ask the billionaire families to donate again? And just as last time the greedy will just say " <deleted> off " 1 1 Link to post Share on other sites
AhFarangJa 12138 Posted April 8 Share Posted April 8 Looks like Wine and beer are going to cost more soon.............. Link to post Share on other sites
Venom 909 Posted April 8 Share Posted April 8 3 hours ago, keithkarmann said: If the workers were paid more then they would be able to contribute some income tax. "Contribute" is that what you call it? Link to post Share on other sites
Thomas J 2482 Posted April 8 Share Posted April 8 16 minutes ago, Venom said: "Contribute" is that what you call it? Yes don't you know the correct "wordsmithing" Use: Progressive instead of Liberal or Socialist Contributions instead of taxes Your fair share instead of confiscatory Investment instead of pork barrel spending Effective legislation instead of redundant Sensible Controls instead of unenforceable or impractical. I "think" there is a class for this at most major universities today. Link to post Share on other sites
trainman34014 15971 Posted April 8 Share Posted April 8 But....but; we've always been told down the years that Tourist revenue is but a very small contributor to the overall income of the country, barely important at all ! Also; what has happened to the huge pile of Dollars and other Foreign Currency that they have been sitting on for the last 15 years or so, has it been pilfered off to certain people's accounts in the Britsh Virgin Islands or some other secret hideaway ? Link to post Share on other sites
Leaver 6247 Posted Saturday at 04:01 PM Share Posted Saturday at 04:01 PM On 4/8/2021 at 11:50 AM, Thomas J said: Yep, the economy is cratering, most other countries are pouring billions and trillions of additional spending to offset the negative impact of Covid, and Thailand wants to confiscate even more from those who now have even less. I am not sure where exactly this lunacy comes from, but it is obvious they are have a real commitment to it. One thing is sure: The closest thing to Eternity on earth is a "temporary" increase in any tax to meet a short term crisis. I said some months ago that covid will expose Thailand for the 3rd World Country it truly is. This will be laid bear for the world to see over the next 12 to 24 months. 1 Link to post Share on other sites
JimGant 1329 Posted yesterday at 07:51 AM Share Posted yesterday at 07:51 AM On 4/8/2021 at 11:50 AM, Thomas J said: and Thailand wants to confiscate even more from those who now have even less. Uh, I didn't quite read it that way..... Maybe raise the tax rates on the last two or three echelons of tax payers, you know, the rich. Then use these proceeds to subsidize the poorer folks, which meanwhile stimulates the economy. Not too far different from what Biden has contemplated for the US. Link to post Share on other sites
gamb00ler 626 Posted yesterday at 08:44 AM Share Posted yesterday at 08:44 AM On 4/8/2021 at 5:19 PM, Thomas J said: Yes don't you know the correct "wordsmithing" Use: Progressive instead of Liberal or Socialist Contributions instead of taxes Your fair share instead of confiscatory Investment instead of pork barrel spending Effective legislation instead of redundant Sensible Controls instead of unenforceable or impractical. I "think" there is a class for this at most major universities today. Rhetoric 101, it's a Social(ist) Science class. Link to post Share on other sites
Leaver 6247 Posted yesterday at 10:40 AM Share Posted yesterday at 10:40 AM 2 hours ago, JimGant said: Maybe raise the tax rates on the last two or three echelons of tax payers, you know, the rich. I doubt it. It will probably be an increase in a broad based tax, like the VAT, despite the denial. Any increase in VAT would hurt the poor more than the rich, but everyone pays. Link to post Share on other sites
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