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Thai Investment Taxes Branded as Disincentive.
Byline: Krissana Parnsoonthorn
Sep. 2--Unfair tax treatment on different investment categories is impeding development of the capital markets, according to researchers of the Thailand Development Research Institute.
A TDRI study showed that imbalances in tax treatment have also discouraged some investors from entering the share market.
Dr Chalongphob Sussangkarn, the TDRI's president and manager for the research project, said that withholding taxes on dividends earned from equities, debt instruments and mutual fund units all differed.
"Tax privileges also differ depending on what type of investor you are. For instance, listed companies do not need to pay taxes on dividends or profits earned from mutual fund investments," he said.
The Revenue Department, in its defence, argues that differences in tax treatment stem from government policy imposed to assist different corporate sectors. Sathit Rangkasiri, a tax expert from the Revenue Department, said in interpreting the tax code, officials relied on the wording of the law, not on the hidden objectives of legislation.
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