The Cabinet approves personal income tax cuts
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The Cabinet Tuesday approved the Finance Ministry’s proposal to cut personal income taxes for executives, experts and researchers working in the three provinces of Chon Buri, Rayong and Chachoengsao as part of the Eastern Corridor Development Project (EEC).
The new tax rate will be 17 per cent, sharply down from the progressive rates of up to 35 per cent.
However, the new rate will only apply to people employed in 10 targeted industries: next-generation automotives; smart electronics; affluent, medical and wellness tourism; agriculture and biotechnology; “food for the future”; robotics; aviation and logistics; biofuels and biochemicals; digital; and medical hub.
