Department studies income tax cut
The Revenue Department is studying two options for the government’s personal income tax cut campaign promise — one an outright 10-percentage point cut across tax brackets and the other a 10% cut across brackets.
For the cut by 10 percentage points, individual taxpayers who are liable to up to 10% rates now will be exempt, while those with brackets of 15%, 20%, 25%, 30% and 35% will pay tax at 5%, 10%, 15%, 20% and 25%, respectively, said Ekniti Nitithanprapas, director-general of the Revenue Department.
Under the alternative, taxpayers’ burden in each bracket will decline to 4.5%, 9%, 13.5%, 18%, 22.5%, 27% and 31.5%, he said.
Wichit Chantanusornsiri
