Thailand to study G7 move on reforming global tax

The new tax measures could be both a boost and bane on Thailand’s move to attract foreign investments, including in the Eastern Economic Corridor. - Reuters

BANGKOK (The Nation/ANN): Prime Minister Prayut Chan-O-Cha has instructed his economic team to study the effects as well as opportunities from the G7’s move to reform global corporate tax, government spokesperson Anucha Burapachaisri said on Tuesday (June 8).

The G7 group of advanced economies announced a historic accord on Saturday to set a minimum global corporate tax rate, taking the first step in reversing a four-decade decline in taxes paid by multinational corporations.

The deal reached at the G7 meeting in London by Canada, France, Germany, Italy, Japan, the United Kingdom and the United States is a major breakthrough for the Biden administration’s efforts to get corporations worldwide to cough up tax owed to the state.

In this regard, Prayut said the move may be both a boost and bane on Thailand’s move to attract foreign investments, including in the Eastern Economic Corridor.

“Hence, the economic team, like Finance Minister Arkhom Termpittayapaisith and National Economic and Social Development Council secretary-general Danucha Pichayanan, have been instructed to study the effects as well as investment opportunities from the G7’s move and report back to the Cabinet later, ” Anucha said.

“The prime minister also said other groups apart from the G7 are currently discussing economic reforms, so Thailand must monitor, adjust and improve regulations to increase competency in line with changes in the future, ” Anucha added. - The Nation/Asia News Network

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