New individual income tax law effective in 2013
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The Revenue Department Friday confirmed that individual taxpayers will enjoy lower tax rates starting from this year, despite the House dissolution.
Revenue Department director-general Suthichai Sangkamanee said that the royal decree to enforce the individual income tax structure has won the royal endorsement and it should be published on the Royal Gazette next week.
This promises the enforcement of the new law within this tax year, he said.
Those earning less than Bt20,000 a month will be waived from income taxes.
The new structure widens the income tax brackets from 5 to 7, while the highest tax rate will also be lowered from 37 per cent to 35 per cent.
Suthichai said that due to the legal amendment, the burden of most taxpayers, mostly low-income earners, will be lowered by 5-50 per cent.
While the House dissolution does not affect the income tax amendment, Suthichai said that over 10 amendments proposed by the Revenue Department have been dropped. They include the taxes for debt restructuring.
