- Most entrepreneurs want the government to raise tariffs on products imported to Thailand.
- The Federation of Thai Industries (FTI) conducted a poll that showed 48.8% of executives and entrepreneurs preferred adjusting the levy on imports.
- The poll follows tax reform ideas unveiled by Finance Minister Pichai Chunhavajira.
- The proposed reforms include increasing the value-added tax (VAT) rate to 15% and reducing the corporate income tax rate to 15%.
- The respondents believe tariff adjustment is important for Thailand to maintain local manufacturers’ competitiveness and prepare the country for the direct and indirect impact of a trade war.
- Some 62.4% of respondents opposed raising the VAT rate.
- Hiking VAT could drive up production costs along the supply chain.
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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