Income tax cuts extended

business July 03, 2014 00:00

By The Nation

The junta yesterday gave the green light to extend the annual income tax cuts, and the value-added (VAT) tax at 7 per cent, for a year.

The personal and corporate income tax rates would be effective from January 1 to December 31, 2015, which means corporate taxes would be levied at 20 per cent and personal tax rates would be levied at between 5 per cent and 35 per cent on a progressive basis. The VAT rate would be effective from October 1, 2014, until September 30, 2015.

This is aimed at stimulating the country’s consumer spending for economic growth in the second half of the year, the spokesman of the National Council for Peace and Order said.