Deduction incentives to be reviewed

The Finance Ministry wants to reform the tax structure by revising the large number of deduction incentives, arriving at a more appropriate level.

As government expenditures have been increasing, the ministry is reviewing its tax reform policy to evaluate the extent of revenue losses from several tax deduction measures, said Finance Minister Arkhom Termpittayapaisith.

For instance, some individuals request tax deductions on personal income tax filings, but do not contribute further to the investments after making a claim.

Under the current personal income tax structure, taxable income of 150,000 baht or lower is exempt from taxation.

The rate is 5% for an annual income of 150,001-300,000 baht, 10% for 300,001-500,000 baht, 15% for 500,001-750,000 baht, 20% for 750,001-1 million baht and 25% for 1,000,001-2 million baht.

The income band for the 30% tax bracket is…