Thailand’s Ministry of Finance said that it expects to reveal more details about the much-discussed new tax reforms, including those involving property, next month (January 2016).
Permanent Secretary of Finance Somchai Sujjapongse said the Revenue Department, Customs Department and Excise Department were assigned to study details on taxation, including types, rates and collection periods, for next week’s discussion.
Once their reports are finalised, a tax reform proposal will be submitted to the Finance Minister and the Deputy Prime Minister this month, and then be forwarded to the Cabinet in January next year.
According to Somchai the purpose of the reform is to raise tax revenue by between 5 percent and 10 percent through tax base expansion rather than tax hikes. The Ministry is also determined to complete its property taxation scheme within this administration’s term.
Somchai added that the proposal should meet with approval because it would enable local administrations to earn more revenue.
