Thailand's personal-income-tax forms have now been made available in English to support the free flow of labour under the Asean Economic Community when it is integrated in 2015.
Satit Rangkasiri, director-general of the Revenue Department, said yesterday that it expected collections of personal and value-added tax (VAT) this year to beat the target by 9.7 per cent.
The English forms are aimed at individuals with income originating in Thailand or who bring in income earned abroad and reside here for at least 180 days of the tax year.
Revenue from personal income tax this year should improve despite the loss of Bt7 billion from allowing married couples to start filing separate tax returns as well as other exemptions.
On the plus side are the government’s economic stimulus measures and nationwide rise of the minimum wage to Bt300 per day.
The improving economy should also expand the tax base.
Nominal growth of gross domestic product of at least 8 per cent, coupled with better tax-collection efficiency, should increase tax revenue by about 15 per cent, Satit said.
VAT revenue, accounting for 40 per cent of total tax collections, is also expected to be slightly higher thanks to the government’s stimulus measures.
Revenue from corporate income tax will be crimped by the lowering of the tax rate to 20 per cent.
Total tax revenue this year should meet the target of 9.7-per-cent growth to Bt1.74 trillion, Satit said. The first quarter of this fiscal year exceeded target by about 10 per cent.
Under the Revenue Department’s pre-audit system, each regional office must focus on the potential major sources of tax revenue, such as big businesses, to ensure that collections will nearly meet the specified target for the year, he said.