Finance Ministry to propose sharp tax cut
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Finance Ministry Tuesday is expected to propose the Cabinet a sharp personal income tax cut for those working in Eastern Economic Corridor (EEC) region, according to an informed source.
The new single tax rate will be 17 %, down sharply from current progressive rates of 5-35 % depending on income brackets.
The ministry aims to boost an investment in the region covering Chonburi, Rayong and Chachoengsao provinces and compete for foreign direct investment with lower tax economies like Singapore and Hong Kong.
Earlier, Finance Minister Apisak Tantivorawong said that to have tax privilege, three conditions must be met; company locating in EEC, firm investing in 10 targeted industries and the Board of Investment approving those investment projects.
