Thailand to attract multinationals to set up headquarters

Thai Cabinet approved measures to attract international companies to set up their headquarters in Thailand. There will be reduced tax and exemptions, and other non-tax incentives, equivalent to those of Singapore, effective January 2015. Many government agencies will improve regulations on visa, and work-permits. BOI would also set up a one-stop service on this matter.

Ref : Thai Publica

Villagers protect their last forest plot with cement fence

Villagers in Sisaket province, northeastern Thailand, donated their labors and money around 6 million Bahts to built 2 meter tall cement fence surrounding the last forest land they have, 600 Rai or around 1 sq km, from illegal logging activities.

Ref: Nation TV

Thailand clears bad credit records older than 8 year of 600,000 people.

Thailand's Credit Information Protection Commission annouced in the Royal Gazette clearing bad credit records older than 8 year for 600,000 persons from database so that they would be eligible for financial credit applications to commercial bankings.

In addition, another annoucement stated that, from now, savings cooperatives would be classified as legal financial institutions, thus allow credit information from the coops to be included in the credit rating database so that more people would have access to financial sources.

Ref : Post Today.

Yingluck's First Car tax refund project proved disaster

TDRI concluded that the tax refund for 'first personal car' policy of previous Yingluck government was a complete financial disater for government as well as private sectors alike.

• Taxpayers lost tax revenue of around 82 billion Bahts.
• Car dealers suffered from false high demands, later had to give heavy discounts for their over stocks of cancelled reservations.
• Vehicle Manufacturers / Assemblers suffered because of a drastic purchase slow down in following year.
• Second-hand car dealters lost a lot of money since most people went to purchase brand new cars instead.
• Car rental services suffered because people bought their own cars instead.
• Financial firms suffered because of bad car loans, and extended payments.
• The state lost excision tax as well as value added tax (VAT) in part.

Ref: from facebook source

NCPO approved 8-year transportation improvement strategies

NCPO approved a 8-year transportation improvement strategies (BE 2558-2565 or CE 2015-2022).

NCPO also approved next year 108 billion Baht budgets for transportation improvements (BE 2558 or CE 2015).

First priorities are dual track projects for 6 routes, for 1 Meter Gauge for 887 km, to be complted in 2563 (2020).

NCPO also approved the future development of dual tracks with Standard Gauge, for electrical trains for a speed of 160 km/hr. Two routes, northeastern-eastern (Nongkhai - Korat - Saraburi - Laem Chabang, Mabtaphut,737 km for 392.57 billion Baht) and northern-central (Chiang Khong - Denchai - Ban Phachi, 655 km, 348.89 billion Baht) will be quickly implemented, to service passengers and freight trains.

Ref: Manager

Thailand CCC indicted former Prime Minister

Today, the Counter Corruption Commission unanimously (7:0) agreed to file criminal charge against former Prime Minister Yingluck Shinawater for her faults while in the position on the controversial rice pledging program which caused severe financial losses to the country, destroying rice market and rice exports, and neglected widespread corruptions at numerous steps of the process. The CCC would file the charge to criminal court.

Ref: Isra News

Thailand 's new purchase tax rate

Today, NPOMC (National Peace and Order Maintaining Council) declared a VAT (value added tax) reduction for 1 year, from October 1, 2014 - September 30, 2015, to 6.3% (from 7%). Then, the VAT would be increased to 9% from October 1, 2015.

Ref: Manager