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Government revenue exceeds target

Collected tax revenue in January totalled 110.09 billion baht and was 17.81 billion above the target, or 19.3 per cent, Sathit Rangkasiri, director of the Fiscal Policy Office, said on Tuesday.

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Collected tax revenue in January totalled 110.09 billion baht and was 17.81 billion above the target, or 19.3 per cent, Sathit Rangkasiri, director of the Fiscal Policy Office, said on Tuesday.

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Govt revenue exceeds target

Doing business in Thailand

Regulatory uncertainties and multiple bureaucratic processes are costly for firms in Thailand and affect their investment decisions. Regulations and bureaucratic procedures that firms have reported in the 2007 Survey as severely affecting their businesses and investment decisions were mainly on delays in tax refunds, uncertainties around the time taken to clear customs or obtain permits and certifications, and uncertainties around regulatory policies. The delays in tax refunds referred to both value-added tax refunds and import tax refunds for exporters. The Revenue Department and Customs Department have been introducing programs and employed internet-based services to reduce the time taken to do so. However, few firms have participated in these programs or have benefited from the services. On the other hand, the average number of days needed to clear import customs or obtain permits is not exceptionally high in Thailand compared to other countries.

Import tariffs on machinery are waived for regional operating headquarters. The Board of Investment cancels import tariffs on machinery used in conducting research and development activities by regional operating headquarters (ROHs). This is in addition to the existing privileges such as a permission to own land and remit foreign currency abroad as well as preferential corporate and income tax rates. Looking forward, related agencies such as the Revenue Department, the Bank of Thailand, and the Department of Business Development plan to streamline other rules and regulations that help to promote ROHs in Thailand.

Nevertheless, the impact on lending was muted. Commercial banks, concerned about credit risks in a contracting economy, were cautious in lending, while private sector demand for credit generally declined in tandem with economic activity. The rate of increase in loans by commercial deposit-taking institutions slowed from 8.4% in the ifrst quarter to 6.1% in the second. Stock prices as refected in the SET index, afer falling by 48% in 2008, picked up in the second quarter of 2009. The index rose by 45% in the first 8 months of this year, a gain in line with other Asian markets.
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Investment

Thailand Q1 Investment Applications Soar 80% as FDI More Than Double says BOI

The top three source countries of FDI applications during the first quarter were South Korea, China, and Singapore, with similar levels of investment. Korean investment soared due to a large-scale joint venture in the medical sector, Ms Duangjai said.

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The Thailand Board of Investment (BOI) said today that in the first quarter of 2021, investment applications rose 80% from the year earlier period to a total value of 123.4 billion baht (USD3.9 billion), led by projects in the medical and electric and electronics (E&E) sectors, as foreign direct investment (FDI) applications more than doubled.

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China

Clear skies over Asia’s new foreign investment landscape?

East Asia Forum

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Compounding the fallout of the US–China trade war, the global pandemic and recession have caused considerable speculation on the future of foreign investment and global value chains (GVCs). But though there is likely to be some permanent change, it will probably not be as great as politicians expect.

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Business

Thailand BOI approves Biotech Projects Worth 2.4 Bln Baht ($78 million)

The biotechnology sector is part of the so-called BCG model (Bio, Circular and Green economy) which the Thai government has set as a priority to lead the post-Covid 19 recovery.

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The Thailand Board of Investment (BOI) said today it has recently approved new projects in the field of advanced biotechnology, worth a combined 2.4 billion baht (around USD78 million) in investment, reflecting the increased interest of local and foreign investors in the country’s biotech sector.

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