The Deputy Prime Minister and Commerce Minister, Kittirat Na Ranong (left), said the move was intended to enable private companies to retain more of their profits to compensate for the minimum wage increases.
Thailand’s attractiveness to business investors has been enhanced because of lower corporate income tax rates taking effect this year. The Director of Thailand’s Revenue Department announced that the corporate rate will be reduced from 30% to 23% this year, and 20% next year. The Department will also consider reducing the rate further to 15% if the tax base can be enlarged.
Reduced tax rates will allow Thailand to compete better in the future, especially after the launch in 2015 of the ASEAN Economic Community (AEC). Under the AEC, cross-border barriers will fall among the ten member nations between 2015 and 2020: capital, goods and labor will be able to move freely among the member nations, enhancing business opportunities considerably.Thailand, because of its geographic and economic position in South-East Asia, will be a central player in the new economic union and is preparing to streamline economic and tax policy to be competitive.
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