The income tax rate must be 29%.
Given that,
Thailand has a workforce of 35,709,487 people, each of whom earns an average salary of (equivalent USD) $8,630 annually.
If the Thai government wants to raise $70 billion in tax revenue,
We have to find,
The approximately where should it set the income tax rate?
According to the question,
Thailand has a workforce of 35,709,487 people, each of whom earns an average salary of (equivalent USD) $8,630 annually.
[tex]\rm Total \ income = Number \ of \ people \times Income \ per \ person\\\\Total \ income = 35,709,487 \times 8,630\\\\Total \ income = 308,172,872,810[/tex]
If the Thai government wants to raise $70 billion in tax revenue,
Then,
The income tax rate is,
[tex]\rm Tax\ rate = \dfrac{70,000,000,000,}{308,172,872,810}\\\\Tax \ rate = 0.29\\\\Tax \ rate = 29 \ percent[/tex]
Hence, The income tax rate must be 29%.
For more details refer to the link given below.
https://brainly.com/question/16016455
