Keywords: Mazars, Thailand, Tax, Personal Income Tax, Ministry of Finance, Revenue Code
28 December 2012
The reduction is aimed at reducing an individual’s tax burden, which should lead to more consumption and boost the domestic economy in the long run.
The new rates under will be divided into eight brackets (currently five).
According to the Cabinet’s resolution, the new structure of personal income tax rates is set to begin in 2013.
Consequently, the Act to Amend the Revenue Code will have to be passed by Parliament within March 2014 so that the new rates can take effect for the 2013 tax return to be filed in 2014.