The bill will introduce changes in rules for value added tax, income tax and excise, as well as introduce a carbon tax, the ministry said in a statement. It was unclear whether it overrides an existing law that sets a 20% corporate tax rate for 2022. A 35% personal income tax rate for those earning more than 5 billion rupiah per year was approved. However, more will be included in a 5% income tax rate, as the income band threshold was raised to 60 million rupiah from 50 million rupiah. The commission and the government also agreed on a different tax rate for the newly introduced levy on carbon emission.

Source: Bangkok Post September 30, 2021 05:48 UTC