- The Senate’s Economic, Monetary and Fiscal Affairs Committee proposes raising Thailand’s VAT from 7% to 10% to address rising public debt and fund social welfare.
- The committee recommends broad tax reforms, including modernizing tax administration with advanced technologies and making the Revenue Department an independent authority.
- Other proposals include taxing e-commerce platforms, progressive taxes on high dividend income, startup tax exemptions, and a 20% corporate tax on foreign digital firms.
- Additional measures: mandatory e-tax invoicing, a receipt lottery, removing VAT exemptions for small businesses, new taxes on stock and gold trading, higher idle land levies, stricter inheritance tax, and empowering local authorities to raise revenue.
- The reforms aim to curb fiscal deficits, which have averaged 4% of GDP over the past decade, and prevent public debt from exceeding legal limits.
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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