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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.

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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.

“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.

Banking

Thai Government to issue Bt50 bln ( $1.57 bln)Savings Bonds to fund COVID-19 Relief Measures

The special savings bonds are available via the “Sasom Bond Mung Kung” e-wallet, abbreviated to “Sor Bor Mor” in Thai on Krungthai Bank’s Pao Tang mobile app, and through four dealer banks. The minimum purchase of these bonds is 1,000 baht, without no maximum. Interest is paid twice a year.

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BANGKOK (NNT) – Thailand’s Public Debt Management Office (PDMO) plans to issue “Ying Aom Ying Dai” (the more you save, the more you earn) government savings bonds, worth 50 billion baht, next month, aiming to use the funds to finance state projects to ease the impacts of the pandemic.

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Economics

Thai Government Plans to Increase 2022 Investment Budget by 90 Billion baht ($2.84 bln)

According to the 2022 fiscal budget bill, which has public spending set at 3.1 trillion baht, accounting for 17.9% of GDP, the government would need to borrow 700 billion baht to offset the deficit.

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BANGKOK (NNT) – The Budget Bureau notes that the Thai government plans to increase its investment budget by 90 billion baht in the fiscal year 2022, in compliance with a law related to state financial and fiscal discipline.

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