The Ministry of Finance is resolute in its efforts to implement a 0.11% tax on the sale of company stocks, despite encountering delays in the process. The ministry is adamant about seeking approval from the incoming government for this taxation measure, alongside a comprehensive plan to revamp the national tax structure gradually, with the aim of increasing state income.
Krisada Chinavicharana, the permanent secretary of the Finance Ministry, disclosed that the ministry has meticulously ironed out the finer points of the proposed 0.11% tax on traded shares. The measure has already undergone scrutiny by the Office of the Council of State and has been forwarded for Cabinet endorsement. However, the enforcement of this tax will not be feasible under the current administration’s caretaker status, given the limitations associated with such a governmental setup.
In addition to the stock sales tax, Mr. Krisada revealed that the Finance Ministry has been evaluating the possibility of implementing a tax on profits generated from stock sales. However, he emphasized that the implementation of such a tax would require considerable time and consideration before it could potentially come into effect.
Looking forward, the permanent secretary highlighted the ministry’s readiness to introduce measures aimed at stimulating the economy later this year and in the early stages of the next year. However, he refrained from divulging specific details, as the implementation of these measures hinges upon the economic policies of the incoming government.
Furthermore, Mr. Krisada discussed proposed reforms to the existing tax structure, aiming to bolster state income to meet expenses adequately. He stressed the necessity of gradual implementation to prevent any shocks to the economic system. Currently, the government’s tax revenue accounts for 14% of the GDP, falling below the desired level of 15-16%. As such, the tax reform is deemed crucial to bridge this gap and ensure a sustainable financial future for the nation.
As the Ministry of Finance persists in its endeavors to secure the proposed stock sales tax and embarks on a well-planned tax structure overhaul, all eyes are on the incoming government to provide the necessary approvals and steer the nation toward a more prosperous and economically stable future.