Global Trend: Income Taxes Dip as VAT Hikes, Wealth Taxes Introduced for Equality

• Global trend shifting towards reducing income taxes and increasing consumption and wealth taxes
• VAT may be raised gradually in the future with measures to mitigate tax impact
• Key objective of taxation is to reduce income inequality between high-income and low-income earners
• Wealth tax may need to be introduced to achieve this objective
• Thailand recently joined international tax information exchange network to access income data of Thais abroad

Source: bangkokpost.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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