State tax revenue needs B600bn boost

State tax revenue needs B600bn boost

Government tax revenue needs to increase by an additional 600 billion baht, as the current level is lower than that of countries with comparable economies to Thailand, says caretaker Finance Minister Pichai Chunhavajira.

Thailand Eyes Tax Overhaul: Push for Increased Revenue

Picture courtesy of @schantalao Freepik Thailand is stepping up its financial strategies, with caretaker Finance Minister Pichai Chunhavajira announcing a need to boost tax revenues by 600 billion baht. Presently, state tax revenue accounts for just 15% of GDP, noticeably lower than similar economies. At the Fiscal Policy Office’s annual seminar, Pichai addressed the potential increase in the value-added tax (VAT), currently at 7%, below…

Thailand eyes VAT hike to boost tax revenue by 600 billion baht

Thailand eyes VAT hike to boost tax revenue by 600 billion bahtLegacyThailand’s government needs to increase tax revenue by 600 billion baht as current levels lag behind those of comparable economies, according to caretaker Finance Minister Pichai Chunhavajira. State tax revenue currently represents 15% of GDP, which is three percentage points lower than nations with similar economies. During the Fiscal Policy Office’s annual seminar themed Fisc…