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Just about a year ago the price of international crude oil was about $130 per barrel, but things have come to such a pass now that the oil exporting countries headed by OPEC is worried about the falling prices. These days the prices have come down to about $30 per barrel. This implies better bargains for oil importing nations. Therefore the tax rates would’ve been higher during the period when crude oil prices were high, but there is strong possibility that the tax rates will be comparatively lower if the oil prices are low. This is just one situation explaining the manner in which the tax rates are determined. There are scores of other determinants which help in shaping the fiscal plan of a country. In addition the procedure for calculation of taxes by the government bodies and corporate sector also depends upon a number of factors. This raises our curiosity about the manner in which the tax regime functions. This research study is therefore being taken up to understand the intricacies regarding the determinants of effective tax rates in a developing country like Thailand. The taxes in general are of many types collected in direct or indirect manner. But, in this study an emphasis will be laid on finding out the corporate tax structure in particular.
In Thailand taxes in general are divided in two broad categories namely direct tax and indirect taxes. Two key components of direct taxes are the personal income tax and corporate tax. On the other hand taxes like excise taxes, stamp duty and value added taxes (VAT) are known as indirect taxes. The modus operandi for calculating these taxes depends upon the revenue generation mechanism being set in place in the country and the level of competition within the industry. The revenue department of Thailand is entrusted with the task of taxation. Main responsibilities assigned to the revenue department are1;
Led by the mortgage crisis in US, a crisis like situation is emerging in almost all parts of the world.
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I give a special concentration on the policies that have been made concerning the subject by the legislature. In, many parts of the world, prostitution is illegal, and so is the case in Thailand. However, there is a gap that has been left open in the Thais constitution, making it possible for the concentration of this trade in the country.
Examples of such tax havens include Ireland and Luxembourg in Europe, Hong Kong and Singapore in Asia, and various Caribbean island nations in the Americas. Low-tax jurisdictions are also common within countries, taking the form of special economic zones in China, low-tax states and enterprise zones in the United States, and tax-favored subnational regions including eastern Germany, southern Italy, eastern Canada, and others.
But whereas Thailand is considered, online shopping is not accepted by the public due to various factors like low penetration of computers with only 5.25 per 100 people and low access to internet. Moreover Thai citizens are more worried about disclosing their financial information online, the inability to touch and feel the products, trustworthiness of the merchandise and slow transaction process.
There are numerous ways of utilizing the loopholes in the taxation process to your benefit. However a rather simpler or somewhat legal way is to utilize your capital in a tax haven.
A tax haven can be simply be "An offshore tax haven is a nation or jurisdiction competing in an open market place for the business of 'mobile capital' by using attractive taxation regimes as a method to draw in business.
In order to take a closer look at this idea, several works of literature will be explored. The works of literature will help the researcher see the progression of the tax reforms, and also analyze how corporations are responding to the tax reforms being implemented.
Malay, Mon and Khmer civilizations flourished in the reason prior to the arrival of ethnic “Tai”. Geographically the area of Thailand is 513,115 sq. km; equivalent to the size of France, or slightly smaller than Texas. Beautiful city of Bangkok is the capital of
been forced to give up a major aspect of their sovereignty—the ability to set tax rates at whatever they want—to Brussels, the EU capital, where a minimum fifteen per cent value-added tax is required of all countries. This policy has its proponents and its enemies and has
According to the author, there is no general theory of exchange rate determination. Various economists apply different theories to come up with the short-run and long-run determinants of exchange rates. However, most of them agree that exchange rates are determined by parity conditions such as inflation, and purchasing power.
he notion of greenhouse emissions has now become interrelated with economic growth due to various economic barriers in absence of greenhouse compliance. As a result, developing countries are now endeavoring to arrange alternative energy sources, particularly renewable energy
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