NRC’s economic reform committee explains overhaul of tax system

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BANGKOK, 15 July 2015 -The National Reform Council’s economic reform committee has discussed the details of a proposed overhaul of the country’s tax system.

NRC’s economic and financial reform committee Chairman Somchai Richupan, said on Tuesday that the committee has decided that Thailand’s tax structure should be divided into two levels; local and national.

Mr. Somchai said that the committee has also prepared five proposals including such ideas as the broadening of the tax brackets to come more into line with the current structure of the Thai economy, the cancellation of revenue stamps and the improvement of the tax collection process.

He stated that these and other proposals, if implemented, would certainly help solve the problem of social inequality, as taxpayers would pay an appropriate amount of tax, while the fairer system would help promote the competitiveness of Thai businesses.

In addition, Thailand’s financial system would be more decentralized, Mr. Somchai added.

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