Dept to revise personal tax
The Revenue Department is considering revising its personal income tax structure to boost the nation's competitiveness.
Prasong Poontaneat, director-general of the department, said the planned revision would bring the tax structure in line with other Asean countries.
The department will also soon make an announcement involving a deduction of personal income tax as part of the government’s stimulus for the property market.
The deduction will be applied for the upcoming annual payment period for personal income tax from the beginning of January to the end |of March 2016. About 20 per cent of the price of a property will be deductible on taxable income for five years.
Based on the planned 20-per-cent tax deduction on the maximum housing price of Bt3 million, the highest deduction is Bt600,000, with Bt120,000 to be deducted annually for five years.
The Revenue Department yesterday joined forces with five |other agencies to help strengthen small and medium-sized enterprises by requiring them to file only one set of financial statements.
These five agencies are the Office of Small and Medium Enterprises Promotion, the Federation of Thai Industries, the Thai Chamber of Commerce, and Board of Trade of Thailand, the Thai Small and Medium Enterprises Council, and the Office of the Vocational Education Commission.
Prasong said an easy accounting programme had been developed to help SMEs book their data correctly. It will allow SMEs to see their expenses, profits or losses, so they will be able to plan their investments properly, he said.
About 2,000 compact discs of this programme will be distributed to SMEs.
The Revenue Department is also considering more tax deductions for business operators as a way of promoting computerised accounting in the future.
