Thailand to restructure tax system

BANGKOK, September 15 (TNA) - The new Thai government, through the Ministry of Finance, will amend several fiscal policies, including restructuring the country's tax system, aimed at enabling the national economy to sustain growth in the long run. New Finance Minister Sommai Pasi told his ministry's officials of the plan on Monday, assigning them to also efficiently collect taxes, in which amendments will be made and introduced, such as the inheritance, as well as land and property taxes. Simultaneously, Sommai said, deductions for personal income tax will be increased for low-income earners. In an attempt to boost the national economy, Sommai revealed that his ministry will try to locate long-term fund, including issuing bonds with long-term maturity to be used for spending on state-run projects. Besides, the Ministry of Finance will administer public debts, now standing as high as 700 billion baht, because new investment projects could be affected if the public debt was allowed to balloon. According to the new finance minister, management and services provided by Thai state enterprises will also be improved in line with strategies laid out earlier. (TNA)