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Thailand needs to reform taxation system

In terms of capital market development, modifying the taxation system in order to remove distortions, rationalizing the regulatory environment, improving cross-agency communication, enhancing enforcement, and encouraging product innovation are needed.

Boris Sullivan

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In terms of capital market development, modifying the taxation system in order to remove distortions, rationalizing the regulatory environment, improving cross-agency communication, enhancing enforcement, and encouraging product innovation are needed.

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“I see 2011 being a good year for business, and a positive year for the Thai economy. If the country could further enhance regulations in the specific areas Amcham has suggested, Thailand will continue as a competitive trading partner within Asean,” Peter Eliot, the new Amcham president, said recently.

Eliot said customs reform and changes in tax regulations are just a few of the issues that could assist Thailand in gaining a competitive edge. Another is skilled labour development to facilitate investment expansion.

Shortages in labour, especially skilled labour, could be one of the barriers to rapid growth. It is not only a problem for Amcham members, but also other foreign investors and even local employers.

Amcham has over 650 corporate members investing US$35 billion (Bt1.1 trillion) in Thailand and giving more than 200,000 Thais good and competitive positions.

Issues do arise when conducting business, and Amcham hopes incidents such |as Map Ta Phut will not occur |in the future, as these circumstances often weaken investor confidence.

The government would benefit from certainty if regulations |were implemented on a timely basis with consultation from business.

To boost foreign investor confidence, the government should lengthen maximum property leases from 30 years to a definite and unambiguous 60-year lease term.

In terms of capital market development, modifying the taxation system in order to remove distortions, rationalizing the regulatory environment, improving cross-agency communication, enhancing enforcement, and encouraging product innovation are needed. Institutional strengthening is a fundamental prerequisite for enhancing Thailand’s role and capacity as a subregional development

At the national level, core challenges center on the need to strengthen the enabling environment for sustainable infrastructure development and for increasing the size, depth, and liquidity of Thailand’s capital market. The development of infrastructure and the domestic capital market requires increased private sector participation and investment. In the infrastructure sector, attracting private sector input requires greater clarity and transparency on issues related to service standards, cost sharing, tariff setting, revenue allocation, and operations and maintenance responsibilities.

National

Abuse against women still prevalent in Thailand

Like many other Asian countries, Thailand is a patriarchal society in which women are generally tied to the role of family caretaker which usually means raising children and taking care of the elderly, as well as other household chores like cooking and cleaning.

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In December 1999, the United Nations designated Nov 25 as the International Day for the Elimination of Violence Against Women, to commemorate the murder of the Mirabal sisters, the three Dominican political activists who opposed the dictatorship of Rafael Trujillo in 1960.

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Banking

Thai cabinet approves 350 billion baht Aid for COVID-hit Businesses

Thailand unveiled new measures to help small and medium COVID-hit businesses in the tourism industry hit by a liquidity crunch.

Olivier Languepin

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The Thai cabinet has approved assistance worth 350 billion baht($11 Billion) to help businesses affected by COVID-19 with soft loans and asset warehousing.

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Markets

Thai Mango growers complain of low prices and fewer exports

Because of the global COVID-19 pandemic, their mangoes are not being exported, due to fewer buyers, and their prices have plunged to between 10 and 20 baht per kilogram, depending on size.

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Mango orchard owners in Thailand’s northern province of Phitsanuloke are seeking help from the provincial administration to promote the sale of their sweet fruit, particularly Barracuda Mango variety.

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