Thailand’s Ministry of Finance is poised to reduce personal and corporate income tax rates for approved individuals and businesses as part of its strategy to establish a financial hub and attract foreign investment, according to caretaker Deputy Finance Minister PaopoomRojanasakul. Speaking at the Thailand Focus 2024 seminar, Paopoom revealed that the financial hub policy has received cabinet approval in principle, with a draft law expected within two to three months. The initiative will offer tax benefits and non-tax incentives, such as simplified entry and labour privileges. Paopoom emphasised that competitive tax rates and ecosystem advantages are crucial for Thailand to compete with established financial hubs like Singapore, which has a corporate tax rate of 15% compared to Thailand’s 20%.