With as many as 800,000 small businesses operated by individuals or families across the country, the department wants their owners to register the businesses as corporate entities. Individuals pay personal income tax at rates between 5 and 35 per cent, depending on their income. However, small businesses will be exempted from tax for the first Bt300,000 booked as profits. Profits that exceed Bt3 million incur the top rate in corporate income tax of 20 per cent. Most small businesses pay at only the 15 per cent rate, Prasong said.

Source: The Nation Bangkok May 10, 2018 18:00 UTC