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96% of Foreign Investors still confident in Thailand says BOI

The Board of Investment of Thailand’s (BOI) latest survey, shows most foreign investors, estimated at 96%, are still confident in the country, and are willing to bring forward their investments.

National News Bureau of Thailand

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BANGKOK (NNT) – With the COVID-10 pandemic causing significant disruption around the world including in Thailand, the Board of Investment of Thailand’s (BOI) latest survey, shows most foreign investors, estimated at 96%, are still confident in the country, and are willing to bring forward their investments.

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The BOI’s latest survey of the confidence of international investors in Thailand was conducted with 600 companies, 96% of which are continuing to make investments in Thailand, followed by 76.67% of companies maintaining the same level of investment, and 19.33% of companies planning to increase their investment value, even amid the COVID-19 pandemic.

The BOI’s survey suggests that the most important decision factors encouraging investors to maintain or expand their investments in Thailand are investment promotion packages, materials and parts, and the preparedness of the supporting industries.

Investment promotion packages for 2021

To help boost investment, the BOI yesterday approved investment promotion packages for the next year, with a focus on large investment projects for targeted industries, and a 50% corporate income tax discount for five years as an extra benefit.

The package requires at least a 1 billion baht investment to be made within 12 months after being approved to receive the package. Investors can apply for this package from the first to the last business day of 2021.

Applications for investment promotion packages in Special Economic Zones in 10 provinces and southern border provinces have also been extended for another two years, or until the last business day of 2022.

These packages cover about 300 business categories, with special eight year corporate income tax exemptions, followed by a 50% discount, offered in 14 targeted industries, including agriculture, fisheries, textiles and garments, leather, and medical equipment.

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50:50 campaign may not get immediate extension

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BANGKOK (NNT) – The government’s 50:50 co-pay campaign expiring on 31st March may not be getting an immediate campaign extension. The Minister of Finance says campaign evaluation is needed to improve future campaigns.

The Minister of Finance Arkhom Termpittayapaisith today announced the government may not be able to reach a conclusion on the extension of the 50:50 co-pay campaign in time for the current 31st March campaign end date, as evaluations are needed to better improve the campaign.

Originally introduced last year, the 50:50 campaign is a financial aid campaign for people impacted by the COVID-19 pandemic, in which the government subsidizes up to half the price of purchases at participating stores, with a daily cap on the subsidy amount of 150 baht, and a 3,500 baht per person subsidy limit over the entire campaign.

The campaign has already been extended once, with the current end date set for 31st March.

The Finance Minister said that payout campaigns for the general public are still valid in this period, allowing time for the 50:50 campaign to be assessed, and to address reports of fraud at some participating stores.

The Fiscal Police Office Director General and the Ministry of Finance Spokesperson Kulaya Tantitemit, said today that a bigger quota could be offered in Phase 3 of the 50:50 campaign beyond the 15 million people enrolled in the first two phases, while existing participants will need to confirm their identity if they want to participate in Phase 3, without the need to fill out the registration form.

Mrs Kulaya said the campaign will still be funded by emergency loan credit allocated for pandemic compensation, which still has about 200 billion baht available as of today.

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Customs Department Considers Measures to Help SMEs

National News Bureau of Thailand

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BANGKOK (NNT) – The Customs Department is seeking ways to reduce the impact of the exemption on import tax and value-added tax (VAT) for imported goods worth up to 1,500 baht, as such measures are hurting small and medium-sized enterprises (SMEs).

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