Wider bands possible for tax brackets

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mangomoney
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Wider bands possible for tax brackets Feb 29, 2016 10:48:51 GMT 7

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Post by mangomoney on Feb 29, 2016 10:48:51 GMT 7

Wider bands possible for tax brackets

A new personal income tax structure that will probably include wider taxable income bands is due to go before the cabinet for approval next month. The wider bands for each of the seven tax brackets are aimed at easing the tax burden of salaried workers. This, together with an increase in the maximum tax allowance for annual expenses from 60,000 baht to 100,000 or 120,000, will form the new tax structure,...

The tax overhaul is expected to cost tens of billions of baht in lost revenue...

more...

www.bangkokpost.com/business/news/879828/wider-bands-possible-for-tax-brackets

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Last Edit: Feb 29, 2016 10:49:46 GMT 7 by mangomoney

AyG
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Wider bands possible for tax brackets Feb 29, 2016 12:58:49 GMT 7 Fletchsmile likes this

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Post by AyG on Feb 29, 2016 12:58:49 GMT 7

Why does Thailand need so many tax brackets? The UK does just fine with only 3 (excluding the zero rate band).

And why doesn't Thailand simply abolish its top rate of tax for the very wealthy which appears to be a "pay as little as you like, or nothing" band? That would create a lot of revenue.

AyG
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Wider bands possible for tax brackets Mar 2, 2016 10:02:49 GMT 7 Fletchsmile likes this

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Post by AyG on Mar 2, 2016 10:02:49 GMT 7

Something I hadn't realised from the original article is that they want to reduce the number of people paying tax. Currently people earning less than 20,0000 baht/month don't pay income tax. That threshold's effectively going to be raised to 30,000 baht/month. Sheer, utter lunacy.

www.bangkokpost.com/business/finance/882552/new-tweaks-planned-to-thin-tax-rolls

Fletchsmile
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Wider bands possible for tax brackets Mar 2, 2016 13:48:59 GMT 7 AyG likes this

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Post by Fletchsmile on Mar 2, 2016 13:48:59 GMT 7

This is the other side of the coin where people say that allowances like LTFs and RMFs benefit only a priveleged few.

The fact is only a "priveleged few" actually pay direct taxes in the first place. At one end, the very priveleged avoid paying much tax at all as they're so wealthy no one wants/ dares to trouble them LOL

At the other a large number are too poor to be captured by the tax net in the first place, and now they are now narrowing the net further. So the very small number in the middle of decent workers end up with more of a burden.

The 2 fundamentals to get anywhere are to give the poor more opportunities in life and get them to a level they can pay more tax, while vastly reducing the corruption and avoidance at the top. Keep squeezing the middle group gets nowhere because its proportionately so small and largely BKK based.

As you say this will just exaggerate things even further.

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Wider bands possible for tax brackets

Post by mangomoney on Feb 29, 2016 10:48:51 GMT 7

Post by AyG on Feb 29, 2016 12:58:49 GMT 7

Post by AyG on Mar 2, 2016 10:02:49 GMT 7

Post by Fletchsmile on Mar 2, 2016 13:48:59 GMT 7

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