The World Bank has been asked to help study the restructuring of Thailand’s tax system, particularly the reduction of corporate tax and the offering of tax incentives for foreign investors.
The issue was raised for discussion during a meeting of Ms. Annette Dixon, a representative from the World Bank, and Finance Minister Thirachai Phuvanatnaranubala.
Ms. Dixon on 2 September 2011 paid a courtesy call on the Finance Minister and reported progress on cooperative projects between the World Bank Group and Thailand. On this occasion, it was suggested that Thailand place emphasis on the restructuring of value-added tax. Mr. Thirachai asked the World Bank to study the directions for the setting up of sovereign wealth funds in Thailand.
The Yingluck Shinawatra administration proposed restructuring the entire tax system in order to enhance Thailand’s competitiveness and ensure social justice. It aims to reduce corporate tax to 23 percent in 2012 and to 20 percent in 2013.
The Finance Minister also urged the International Finance Corporation to take part in developing Thailand’s grassroots financial system, especially the Post Bank. Mr. Thirachai told the World Bank representative that the Thai government attached great importance to the tackling of the corruption problem, saying that it had formed an anti-corruption committee to ensure transparency in both listed and unlisted companies on the Stock Exchange of Thailand.
According to the World Bank’s Ease of Doing Business Index 2011, Thailand ranks 19th among 183 economies, with first place being the best. It remains a highly ranked country for its ease of doing business, compared to many other countries.
Also on September 2, two representatives of the Asian Development Bank met Mr. Thirachai on the occasion of his appointment as the Finance Minister. The two representatives, namely Mr. Kunio Senga, Director-General of the Southeast Asia Department, and Mr. Craig Steffensen, Country Director, discussed with Mr. Thirachai the ASEAN Infrastructure Fund to be set up by the Asian Development Bank. An agreement on the setting up of the fund will be signed in September 2011 in the United States.
Mr. Thirachai said that Thailand is ready to contribute 15 million US dollars to the starting of the fund. He also urged the Asian Development Bank to join the development of Thailand’s Infrastructure Fund, a project to be carried out soon. He believed that the project would help promote investment in this region.
The Manila-based Asian Development Bank predicted that the Thai economy would expand by 4-4.5 percent in 2011, given that the country’s automotive sector was affected by the supply chain disruption from Japan’s natural disasters, and given the tightened monetary stance to curb inflation.
The Importance of E-Wallets for Online Gaming Sites
With e-wallets and cryptocurrency being the most relevant options, banks have been put on the side burner, especially when e-wallets and cryptocurrency allow for fast electronic transfer, that is done instantly.
Thai Government to issue Bt50 bln ( $1.57 bln)Savings Bonds to fund COVID-19 Relief Measures
The special savings bonds are available via the “Sasom Bond Mung Kung” e-wallet, abbreviated to “Sor Bor Mor” in Thai on Krungthai Bank’s Pao Tang mobile app, and through four dealer banks. The minimum purchase of these bonds is 1,000 baht, without no maximum. Interest is paid twice a year.
BANGKOK (NNT) – Thailand’s Public Debt Management Office (PDMO) plans to issue “Ying Aom Ying Dai” (the more you save, the more you earn) government savings bonds, worth 50 billion baht, next month, aiming to use the funds to finance state projects to ease the impacts of the pandemic.(more…)
Subscribe via Email
Thai baht becoming the region’s worst-hit currency in COVID pandemic
According to data from its tourism ministry as well as the World Bank, Thailand had only a little over 34,000...
Asia’s slow rate of vaccination is a thorn in the region’s economic recovery
Southeast Asia has been hit badly. Daily infections for Indonesia, Thailand, Vietnam are at their worst, on a seven-day moving...
TAT expects 850 billion baht ($25.7 bln) in tourism revenue after successful reopening
The Tourism Authority of Thailand (TAT) has set this year’s revenue target at 850 billion baht, 300 billion of which...
Download 1xBet mobile and play all over the world
Placing profitable bets or playing in a casino is now possible comfortably even without being tied to a computer. It...
3 ways Asia can recover from the COVID-19 pandemic faster
Countries in the East Asia and Pacific region will benefit from cooperation in three major areas: vaccine deployment, reviving sectors...