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Thailand to set up negative income tax system

A tax reform committee has been set by the Finance Ministry of Thailand to study the implementation of a negative income tax (NIT) system.

Bangkok (VNA) - A tax reform committee has been set by the Finance Ministry of Thailand to study the implementation of a negative income tax (NIT) system.

Thai Deputy Finance Minister Julapun Amornvivat said the study will focus on restructuring the tax base and revising over 20 types of state welfare programmes. A key aspect of the reform is consolidating all citizen data into a single database to improve welfare provision and support mechanisms for individuals with incomes below the threshold.

Under the proposed NIT system, every citizen will be required to file income tax returns, even if they are not obligated to pay taxes. Those with incomes below the threshold will receive financial subsidies from the government.

The tax reform initiative will be carried out in phases. The initial phase will prioritise review of welfare programmes directly impacting the public, such as the State Welfare Card programme.

In the near future, the Welfare Committee for Grassroots Economy and Society is scheduled to meet to discuss the criteria and eligibility requirements for the new round of State Welfare Card registrations./.

VNA
#Thailand #negative income tax #support mechanisms #State Welfare Card programme Thailand
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