Speaking earlier this week, Prime Minister of Thailand, Thaksin Shinawatra ruled out the possibility of a cut in corporate tax this year, explaining that such a move requires detailed study by the Finance Ministry before it can be carried out.
The Prime Minister expressed support for a cut in the corporate tax rate, currently 30%, earlier in the month in a bid to improve the economy’s competitiveness. Other ideas which have been mooted include a system of credits based on taxes paid, which the firm can then use to offset its tax liability in subsequent years.
Thaskin also said that a move to cut tax will be accompanied by tougher tax evasion rules and a widening of the tax base.
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