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Thai Finance Ministry to List Revised Withholding-Tax Rates.
Byline: Wichit Sirithaveeporn
Jul. 26--Strong opposition from transport firms has led the Finance Ministry to agree to temporarily cut new withholding tax on transactions.
Suchart Jaovisidha, a deputy finance minister, said a list of revised withholding tax rates would be submitted to the cabinet as early as next week.
On July 16, six new business categories were added to the withholding-tax programme. The new transactions covered are brokerage fees, patent and copyright fees, interest charges on loans, transport and warehousing service fees, insurance premiums, and prizes given to winners of draws or similar activities. Withholding tax ranging from 1 percent to 3 percent is collected at the transaction point, and is used to square against corporate tax liability at the end of the year. Shipping firms and freight forwarders have protested vehemently against the new charges as putting a unfair burden on cashflows. Mr Suchart declined to give details of the new rates, saying only that any reduction would be temporary and would not be retroactive.
Sources said that the Revenue Department would recommend a cut to 1 percent from 3 percent for withholding tax ...
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