Businesses in Thailand may see a reduction in corporate tax in the near future provided the government can balance its budget, Prime Minister Thaksin Shinawatra revealed on Monday.
"The Finance Ministry has completed a proposal to reduce various types of taxes. However, I'm not going to bring it up for Cabinet consideration just yet until we can clearly see a balanced budget," the Prime Minster commented, according to Business Day.
The Thai government has been running a budget deficit in the years following the economic crisis in 1997, although the Prime Minister envisages that this will be transformed into a surplus by the end of September.
Few details are known of the government’s exact intentions, although Finance Minister Somkid Jatusripitak indicated recently that a cut in corporate tax to 30% and structural reforms to the tax system are a possibility.
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