No amendment in individual tax structure for now

The Finance Ministry has no plan in sight to restructure the individual income tax structure.

Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong said on Thursday that this could wait until the result of corporate tax cut on the government's revenue becomes clearer.

"Personally, the individual income taxes should not be cut now. We should wait for clarity of the impact of the corporate tax cut and clarity of the tax base. We still can wait. We need to be thorough," he said.

He said that it is more urgent to amend the tax code regarding some individual taxation issues - like the separate tax form filing by married couples. As instructed by the Constitutional Court, the amendment must take effect within the 2012 tax year.

"Many parties suggested that because we are to amend this, we should overhaul the tax structure. Yet, such could cost a sizeable revenue loss. Meanwhile, we're busy for a corporate tax cut," he said, adding that the Revenue Department is assigned to explore opportunities for tax cut and for tax base enlargement. Tax rebates for social activities are also in focus.

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Article source: http://www.thethailandlinks.com/2012/11/08/no-amendment-in-individual-tax-structure-for-now/