Thai government mulls to reform tax structure

BANGKOK, March 21 (TNA) - The Thai government, through the Ministry of Finance, is considering reforming the national tax structure to be in line with other member countries in the Association of Southeast Asian Nations (ASEAN). Deputy Permanent Secretary for Finance Rangsan Sriworasart has acknowledged Thailand needs to implement the national tax restructuring, in the lead-up to the ASEAN Economic Community (AEC) set to be formed by 2015. Rangsan said that the Thai government's total yearly tax collection has remained low, when compared with the country's gross domestic product (GDP), pointing out that the administration has collected only 2 trillion baht of all taxes annually, including revenue, excise and customs taxes, out of the total 11 trillion baht. Besides, Thailand's tax base remains lower than that of all other ASEAN member countries, except Singapore, suggesting that the Kingdom's national tax restructuring, to be in accordance with other ASEAN neighbours, will enhance the country's competitiveness. The senior official cautioned that Thailand's planned national tax restructuring is to take the creation of balanced competitiveness in both the public and private sectors, as well as more revenue sources for the government and social justice and sustainability into account. (TNA)