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BOI Announces Measures to Facilitate Investors Affected by COVID-19 Situation

The Thailand Board of Investment (BOI) said in a statement that it remains as committed as ever to serve the needs of investors, and announced practical measures to ensure the continuity of service to support companies

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The Thailand Board of Investment (BOI) said in a statement that it remains as committed as ever to serve the needs of investors, and announced practical measures to ensure the continuity of service to support companies as economic activity in this critical period is affected by the spread of the coronavirus disease 2019 (COVID-19) and the Emergency Decree put in place by the government to control the situation.

“The BOI, as always, is there to help in any way it can,” Duangjai Asawachintachit, Secretary General, Thailand Board of Investment (BOI), said in the statement addressed to executives of both local and international companies invested in Thailand.

Measures taken by the BOI to facilitate companies during this period include the following:

– In accordance with the announcement by the Ministry of Finance to postpone corporate income tax submission for the 2019 accounting year (Por.Ngor.Dor.50) to 31 August 2020, the BOI has extended the application deadline for corporate income tax exemption privileges to 31 July 2020, or not less than 30 days before the corporate income tax filing date.

– To ensure continued support to investors, we have launched an online document submission service (e-submission) since March 30, 2020 apart from our existing e-services (such as e-investment for applications, e-tax for corporate income tax exemption authorization, and e-land for land ownership approval).

Please visit our website for e-submission (https://doc.boi.go.th/). This new service, in line with the government policies to encourage people to work from home, ensures that companies can still receive services from us as usual.

– Both the Head Office of the BOI, at 555 Vibhavadi-Rangsit Road, and the One Start One Stop Investment Center (OSOS), located on the 18th Floor, Chamchuri Square Building, Rama IV Road, Bangkok, stay open during normal office hours, although with a reduced personnel.

– Also, the BOI is now offering online meeting services to answer queries from investors.

These measures aim to comply with the rules established under the Emergency Decree, issued by the Thai Government since March 26, and the recommended social distancing, the statement said.

“Whether they are at the office or working from home, all BOI executives and staff stay fully engaged,” Duangjai said in the statement.

For more information, please contact:
Thailand Board of Investment
Tel. +66 (0) 2553 8111
Website: www.boi.go.th

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Ecommerce

Pakorn Peetathawatchai, President, The Stock Exchange of Thailand (SET)

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Pakorn Peetathawatchai, President, The Stock Exchange of Thailand (SET)

What measures has SET taken to support listed companies’ compliance with ESG standards?
PAKORN PEETATHAWATCHAI:

PAKORN: When we first began promoting ESG-compliant investments, we were met with little interest. We attributed this to a lack of clear data to showcase the economic benefits of ESG investment, and perhaps limited clarity as to what constitutes a sustainable or ESG-compliant investment. The launch of the THSI list and, subsequently, the SETTHSI Index, was designed to address this. Our most recent data, comparing returns for the SETTHSI Index with the broader SET and SET100 indices from April 2020 to April 2021, underscores the economic benefits of these investments: the group compliant with ESG standards outperformed the other two indices on every data point. 

As of May 2021 Thailand was home to CG and ESG assets under management totalling BT54.8bn ($1.7bn) across 50 funds – up from 23 funds in 2019. Meanwhile, of the BT187.1bn ($5.9bn) raised in green, social and sustainability bonds since 2018, BT136.4bn ($4.3bn) was raised in 2020 – 83% from the government and the remainder from development banks and private players. This rising demand, in a move to manage risk and generate returns, has been complemented by growing supply and promotion: supply from ESG-compliant businesses aiming for resiliency and sustainable growth, as well as promotion from regulators highlighting investment opportunities with good CG and SD practices. Indeed, the pandemic has been a catalyst in shifting the view of ESG compliance from a luxury to a requirement in the new normal.

In what ways can enhanced standard-setting and regulatory mechanisms overcome the remaining barriers to improved ESG performance?

PAKORN: A multi-stakeholder approach is crucial for enhanced ESG performance – not only in Thailand, but around much of the globe. This can also help to address the standout incumbent challenge: access to reliable, wide-ranging ESG data. For example, the 2020 update to the 56-1 One Report established clear ESG standards and triggered online and offline capacity-building programmes to support listed firms’ compliance. SET is developing an ESG data platform with a structured template to promote the availability of comparable data, maximise value added from corporate sustainability disclosures, and foster collaboration between the business value chain and stakeholders. This is expected to support Thai companies along their ESG journey in an economically sustainable way, result in a greater number of sustainability-focused products and services, drive sustainable investing in the Thai investment community and ultimately “make the capital market work for everyone”, as outlined in the SET’s vision.
 

 

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Economics

Youth unemployment hits new highs in Thailand due to COVID-19 restrictions

BANGKOK, Thailand (ILO news) – Joblessness among young men and women in Thailand has reached a level unseen in recent years due to the impact of the COVID-19 pandemic, according to a new brief from the International Labour Organization (ILO).

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Coronavirus disease 2019 (COVID-19) WHO Thailand Situation Report - 22 February 2021

The Thailand labour market update  found that youth employment fell by 7 per cent in the first quarter of 2021 (from the fourth quarter 2019). The youth unemployment rate increased by 3 percentage points for both men and women, reaching a high of 6 per cent and 8 per cent, respectively.

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