Thailand to Cut Taxes, Spur Growth
Thailand remains not only the best country in the world, but also one of the emerging markets best countries to be invested.
The country continues to grow at an impressive rate and a new move by the government will help the local economy and make Thailand even more attractive to foreign investors.
Thai Cabinet recently approved reductions in a wide range of tax rates. The top corporate rate is being lowered to 20% from 23%, and the top individual rate will come down to 35%, from 37%. Most other brackets are being reduced as well.
The Ministry of Finance disclosed that, by the end of this year, it will cut Thailand’s import duties on luxury goods to zero from 30 percent, in an effort to promote the country as a tourist “shopping paradise.”
According to the Permanent Secretary for Finance, Areepong Bhoocha-Oom, luxury goods for which import duty will be scrapped will include brand-name perfumes and cosmetics, watches and clothes.
The move combined with the governments infrastructure program will deliver strong growth for the Thai economy over the next few years.
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