Thailand's ministry of finance is urging the country's government to slash corporation tax from 30% to 25% in an effort to boost the country's sluggish economy.
Finance minister, Suchart Thada-Thamrongvech wants the proposal to be put to the cabinet today, during its weekly meeting.
Lowering the rate is expected to cost the government around Bt40 billion ($1.1 billion), while the proposed increase in excise tax on oil and beer is anticipated to generate Bt30 billion ($840 million), resulting in only a Bt10 billion ($280 million) loss.
The tax cut, which was hoped would boost the economy's competitiveness and stimulate growth, is now in doubt as the government has been disbanded.
