The Economic, Monetary and Fiscal Affairs Committee of the Thai Senate recently proposed a comprehensive tax reform plan to address the country's long-term fiscal deficit and the rising risk of public debt. The plan aims to strengthen tax administration in the digital economy field. E-commerce platforms will be required to withhold 2% income tax on revenues, and foreign digital enterprises such as TikTok, eBay, and Alibaba, even if they have no physical entities in Thailand, will be taxed at 20% on their income.

In addition, the reform plan includes raising the value-added tax rate from the current 7% to 10%, and proposes the establishment of a unified taxpayer database, increasing the tax deduction limit for children, and adjusting multiple taxes such as those on stock, gold transactions, idle land, and inheritance. The plan is scheduled to be submitted to the Thai Senate for review on April 21.

Source: ChuHai Network