The Ministry of Finance contemplated reducing personal income tax and corporate income tax rates as the financial hub incentives to attract foreign investment.
It was mentioned that the policies for an entertainment complex, aviation hub, and financial hub are three core strategies to entice foreign investment. The financial hub was approved by the cabinet and the committee was considering the details.
Not only tax incentives measure, but the incentives also include non-tax measures, such as easing entry into the country and labour benefits. It was also mentioned that the attractive tax rate will be beneficial for the country as most financial hubs, such as Singapore, offering lower tax rates than Thailand. This could help provide targeted and swift economic stimulus to the public.