Finance Minister reveals Thailand needs to adjust tax structure, currently studying VAT to reduce the gap between the rich and the poor, creating more income

Finance Minister reveals "Thailand" must adjust tax structure, is studying VAT to reduce the gap between rich and poor, create more income, emphasizes digital wallet will definitely be distributed in September, not worried about the baht strengthening quickly, confident that the Bank of Thailand will take care of it.

Date 9 Sep 2567 Mr. Pichai Chunhavajira, Deputy Prime Minister and MinisterMinistry of Finance Revealed at the ACMA Business Forum 2024 organized by the Capital Market Science Student Association that the Ministry of Finance has an idea to integrate tax collection throughout the system, especially taxes on consumption, to reduce inequality and generate income.

“Currently, the overall Thai economy is expanding at a low rate, while the income gap between the rich and the poor is widening. Therefore, the Ministry of Finance will integrate tax collection throughout the system.”

Mr. Pichai said Regarding tax restructuring, especially Value Added Tax (VAT), the Ministry of Finance is studying it, similar to many countries. Thailand has been studying it continuously but has not yet made a decision. It must be compared with other countries.

For corporate and personal taxes Mr. Pichai It is admitted that Thailand's current collection rate is higher than other countries that have reduced this tax but increased other parts instead. Therefore, it is necessary to study this issue as well.

Mr. Pichai has a view on the Thai stock market that has returned to being lively, saying that it is a result of investor confidence, especially the rapid formation of a government and the policy statement that will be released clearly that will address the country's problems. In addition, the Thai capital market has adjusted investment rules, especially for foreign investors, regarding issues that used to be problematic, such as short selling, while foreign stock markets, especially technology stocks, have fallen sharply, and the global interest rate trend is in a downtrend, so it is positive for the stock market.

Mr. Pichai said about Progress on the 10,000 baht top-up project via digital wallets, which will be distributed to 14.5 million vulnerable groups first. It was confirmed that it would definitely be completed by September. As for when the money will be transferred, we will have to wait for the government's policy statement first. After that, there will be a meeting to find a conclusion. However, it is expected to be after September 20.

In terms of the current exchange rate of Thailand, which has strengthened rapidly, The Minister of Finance admitted thatIn the short term, the baht has appreciated faster than other countries, while previously the baht had depreciated quite quickly. However, it is believed that the Bank of Thailand (BOT) has a duty to oversee and ensure that it is in accordance with the mechanism.

As for the discussion on the inflation target framework for 2568 with the BOT, it is expected that the discussion will take place soon.

Mr. Phakorn Peetathawatchai, Director and Manager Stock Exchange of Thailand (SET) He said that the Thai stock market has continued to rise this time because politics are stable and there is clarity about economic stimulus policies and budget spending, which has helped restore confidence.

In addition, in the past, Thai stocks have lagged or adjusted less than the world market.

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