Personal income tax cuts may not yet be possible for this year

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BANGKOK, 12 December 2013 Permanent Secretary for Finance Rangsan Sriwarasart has admitted that personal income tax reductions may not yet be possible for this year as earlier stated. 

Mr. Rangsan said the ministry is currently collaborating with the interim government concerning personal income tax reductions that have previously been approved by the Cabinet.

However, he said it was not yet clear when the new tax law would take effect. Therefore, tax payers may have to hand in their 2013 statements and pay the original tax rate first.

The new tax system consists of 7 new rates, which are 5%, 10%, 15%, 20%, 25%, 30%, and 35 %. The original rates had only 5.