BANGKOK, June 8 (UPI) -- Thailand is looking at a proposal to cut taxes, including the corporate tax, but the government wants first to be certain of achieving a balanced budget.
"The Finance Ministry has completed a proposal to reduce various types of taxes. However, I'm not going to bring it up for Cabinet consideration just yet until we can clearly see a balanced budget," Prime Minister Thaksin Shinawatra said Monday, according to Business Day.
He added he was hopeful that by the end of this fiscal year (ending in September) his government would be able to see a balanced budget. Thailand has been running a budget deficit over the past few years as a way to help stimulate growth after the economic crash in 1997.
Thaksin did not provide details, but Finance Minister Somkid Jatusripitak has previously indicated the government is considering adjusting the tax structure such as lowering the corporate tax from the current 30 percent.
