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The Phuket News THURSDAY  |  July 24, 2014  |  Last update: 10:33 AM.
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Tuesday 22 July 2014, 12:41PM
BANGKOK: The Ministry of Finance has finalised proposals for a broad restructuring of the country’s taxation system, while asserting that the new system will not negatively affect people’s incomes. Ministry permanent secretary Rungson Sriworasat met with high-level officials on Monday (July 21) to discuss the restructuring of taxation systems at three Ministry of Finance departments – the Revenue Department, the Excise Department and the Customs Department. He said the objectives of the overhaul were to make it fairer on low-income earners and to improve the efficiency of revenue generation for the state. Another aim was to increase the nation’s competitiveness in the global arena. Mr Rungson said many laws related to taxation that need either to be amended or to be replaced. Under the proposals, new taxes will be introduced, such as a levy on property and buildings – which will no doubt alarm developers. Rebates, it is proposed, will also be increased for certain income tax categories. He added it was possible that corporate income tax and personal income tax reductions introduced by the Yingluck government would remain in place after the scheduled expiry on December 31 this year. VAT, it is proposed, will remain at 7 per cent for another year, although Army Gen Prayuth Chan-ocha warned in a televised address recently that it will have to be raised eventually to 10 per cent in order to bring it into line with regulations of the Asean Economic Community, which comes into being at the end of 2015. The ministry’s proposals for the taxation overhaul have been submitted to the National Council for Peace and Order. The Finance Ministry has already forecast that government revenue will fall B160 billion short of target in the current this fiscal year, which ends on September 30. Mr Rungson said that the Revenue Department is expected to miss its target by B100 billion, the Customs Department by B40 billion and the Excise Department by B20 billion. The budget for fiscal 2014 stands at B2.525 trillion baht, with revenue collection of B2.275 trillion, leaving a deficit of B250 billion. Revenue collection for the first nine months (to the end of June) was 6.6 per cent below target, at B1.55 trillion. The undershoot was attributed to an overestimated excise tax on diesel, based on an assumption that the tax would meet target thanks to a rebounding economy. However, Mr Rungson said, the shortfall is not expected to affect spending, as Treasury reserves total B380 billion, he said. Additional reporting by the Bangkok Post. See original stories here and here.
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