Thailand's personal income tax lowered

BANGKOK, December 14 (TNA) - His Majesty King Bhumibol Adulyadej has issued a Royal Decree which approves the caretaker Thai government's plan on cutting personal income tax, starting from the 2013 fiscal year. Suthichai Sangkamanee, Director-General of the Ministry of Finance's Revenue Department, told journalists that the Royal Decree, announced on Friday and expected to be published on the Royal Gazette next week, allows those earning less than 20,000 baht monthly not to pay their personal income tax. Suthichai elaborated that the new income tax structure widens Thailand's personal income tax brackets from five to seven steps and lowers the highest tax rate from 37 to 35 per cent. According to the Revenue Department chief, the new personal income tax structure will, therefore, assist low-income earners, as their personal income tax payment will be reduced by as much as 50 per cent. The Revenue Department chief acknowledged that Thailand's ongoing political strife has affected domestic consumption and tourism, as well as the collection of value-added tax, but his department has maintained its target on overall tax collection at 1.89 trillion baht in 2013. (TNA)