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New foreign labour rules

Business leaders have hailed the government’s moves to ease restrictions for employing migrant workers and increase tax incentives under the regional operating headquarters scheme, saying these make Thailand more attractive in the eyes of foreign investors.

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Business leaders have hailed the government’s moves to ease restrictions for employing migrant workers and increase tax incentives under the regional operating headquarters scheme, saying these make Thailand more attractive in the eyes of foreign investors.

Junichi Mizonoue, president of the Japanese Chamber of Commerce in Bangkok, said that the cabinet’s approval last week of tax incentives for international procurement centres (IPCs) would benefit foreign companies that had established strong production bases in Thailand.

Most Japanese companies operating in South-East Asia now use Singapore as a regional marketing and finance centre.Automobile workers

“This ROH scheme will definitely strengthen Thailand’s competitiveness and it is in line with Southeast Asia’s integration to a regional market under the Asean Economic Community by 2015,” he said.

“Foreign companies have been looking for one location to cover their businesses in Asean to lower costs and make management more efficient.” The cabinet agreed last Tuesday to tax IPCs at only 15% on corporate income, down from the normal rate of 30%, for five accounting periods on income from selling Thai-made products to their overseas production facilities.

Also, up to three foreign manufacturing staff will enjoy a five-year flat rate of 15% personal income tax, compared with the normal progressive rate of 5-37%.

Meanwhile, the Board of Investment has allowed companies it promotes to use unskilled foreign workers at up to 15% of their total workforce.

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Thailand’s automotive sector expected to produce 1.4m cars this year

This increase in output is a result of the recovery of domestic and export markets, with the annual output for 2021 expected to be around 1.4 million.

National News Bureau of Thailand

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Thailand Automotive Institute (TAI) anticipates the overall output from Thailand’s automotive sector this year to be around 1.4 million cars. They are, however, still cautious over automobile exports until at least March this year, due to the resurgence of COVID-19 cases around the world.

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Giant Thai-Chinese wholesale hub opens in Bangkok’s Pratunam

The region’s largest wholesale hub features products from China at wholesale prices, and products from Thai manufacturers to export to China.

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Asset World Corporation (AWC) has launched the region’s largest wholesale hub in the Pratunam area of Bangkok, housed in the old Pantip Plaza tech mall.

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Thailand remains in pole position for the highest funds raised across Southeast Asia

Taking the top two spots on the region’s leaderboard this year are Thailand’s Central Retail Corporation Public Company Limited and SCG Packaging Public Company Limited with US$1.77 billion and US$ 1.27 billion funds raised respectively

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Thailand’s Central Retail Corporation Public Company Limited raised US$1.77 billion in 2020

THAILAND, 26 November 2020 — Capital markets across Southeast Asia stayed resilient in 2020 despite a host of uncertainties from the evolving global health crisis to the worsening US-China trade tensions and the impact of the US presidential elections.

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