Economic ministers back proposed ‘Thailand Plus’ stimuli

By THE NATION

 

 

The council of economic ministers on Friday (September 6) endorsed packages proposed by the Board of Investment (BoI) to stimulate economic growth and attract more foreign investment.

 

Council secretary Kobsak Pootrakool said the “Thailand Plus” packages would seek to encourage foreign investors seeking to relocate production bases to Thailand amid international trade wars.

 

Kobsak noted that foreign direct investment in Thailand dropped from US$15 billion in 2013 to $1.04 billion last year.

 

The BoI proposes to halve corporate income tax for five years on projects undertaken anywhere in Thailand that bring in at least Bt1 billion in 2021, with applications required by next year.

 

The prime minister would establish and chair an investment steering panel to help investors overcome any obstacles as a one-stop service.

 

The BoI would be authorised to approve foreign investments on projects where no tax credit is sought, regardless of the business’ size, a move aimed at quickly meeting the needs of companies wishing to relocate to Thailand.

 

Fiscal measures would be in place allowing foreign companies tax deductions for training personnel in advanced technology this year and next.

 

To promote the ease of doing business, the Commerce Ministry would revise legislation deemed obstructive to investment from targeted businesses. The BoI and other state agencies would speed data integration for added convenience in the investment process. 

 

And rules governing visas and work permits for foreign skilled workforces would be revised.

 

The council also asked the Commerce Ministry to determine before year’s end whether Thailand should join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

 

The Finance Ministry would meanwhile introduce additional measures allowing companies that invest in automated systems to deduct more expenses this year and next.

 

Source: https://www.nationthailand.com/business/30375915

 

-- © Copyright The Nation Thailand 2019-09-06

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"...and then you see we will make all the employees of foreign companies fill out TM30 forms every time they go somewhere. More money for Immigration Office. OK, and now on to the plan to make the Baht stronger."   

 

 

41 minutes ago, snoop1130 said:

And rules governing visas and work permits for foreign skilled workforces would be revised.

 

 

Any consideration of TM30 (a PR nightmare) and allowing multiple year WP/Visas for more than only very limited areas....

 

If Thailand genuinely wants foreign investment, there needs to be a serious revision of ownership laws, FBA/RBA, WP/visas and a generally much more open market.

 

For the past 25 years, Thailand has had some success with FDI purely of the basis of being 'cheap' and 'OK'.

 

With poor productivity, rising wages, a strong baht and more competition from other countries, there is nowadays little attraction.

 

You reap what you sow.

 

49 minutes ago, snoop1130 said:

Kobsak noted that foreign direct investment in Thailand dropped from US$15 billion in 2013 to $1.04 billion last year.

I guess discussing it as pre-coup and post coup would cause issues.

Edited September 6, 20196 yr by RichardColeman

15 billion to 1 billion in 5 or so years.

Maybe foreign companies don't trust military governments with a sociopath leader.

 

Decisions affecting a certain mining company would be enough to makes most companies run.

2 minutes ago, Reigntax said:

15 billion to 1 billion in 5 or so years.

Maybe foreign companies don't trust military governments with a sociopath leader.

 

Decisions affecting a certain mining company would be enough to makes most companies run.

Hopewell is still fighting for it's 11 billion US dollars awarded to them against the SRT by the Supreme Court. Dirty tricks abound in Thailand when it comes to one-upmanship with foreign investors.

I suspect foreign investors are learning this and avoiding Thailand like it has the economic black plague.

What are you waiting for ...CASINO'S BABY....

1 hour ago, snoop1130 said:

Economic ministers back proposed ‘Thailand Plus’

Thailand 'Plus'......sounds like the name of a new chewing gum. Foreign investors can buy their Thailand Plus package from the nearest Seven 11. 

Stimulate all you like fools as it won't work. Who wants to visit a police state under a military junta with a crazy unrealistic exchange rate and get ripped off at every opportunity to boot too? A long hard look in the mirror is needed Thailand. You either keep going down the fascist route you currently are on and accept the obvious and inevitable decline of tourism, exports, image and whatever else so you can have your current agenda met (whatever that is) ... or you become tourist friendly again and sort out your currency and become as profitable as before. Your choice Thailand. People are not as stupid as TAT think they are these days. 

Edited September 6, 20196 yr by Brigand

 

2 hours ago, snoop1130 said:

To promote the ease of doing business, the Commerce Ministry would revise legislation deemed obstructive to investment from targeted businesses.

Believe it when I see it.

Thailand Plus? They do realize they’re not selling a mobile phone? 

  15 billion to 1 billion.  No way on earth you can sugar coat that.

11 hours ago, snoop1130 said:

The BoI and other state agencies would speed data integration for added convenience in the investment process. 

Lucky investor, now you need only 2 sets of photo copies of your financial documents... 

7 hours ago, newnative said:

  15 billion to 1 billion.  No way on earth you can sugar coat that.

Sounds more like "Thailand Minus" would be more appropriate!

Obviously, we’re not on the same planet.  Thai Baht launched like a moonshot with USD now.  All they can do is wait for China to stop buying hot money bonds.

18 hours ago, NCC1701A said:

"...and then you see we will make all the employees of foreign companies fill out TM30 forms every time they go somewhere. More money for Immigration Office. OK, and now on to the plan to make the Baht stronger."   

 

They said they want investment, not people. Can't wait for a day when you see a box at Swampy:

Put all your money in here, now get lost.

Economic ministers back proposed ‘Thailand Go Fund Me'

So, will this officially replace "Thainess?"

On 9/6/2019 at 10:05 PM, rkidlad said:

Thailand Plus? They do realize they’re not selling a mobile phone? 

'Soo nung tem nung' 

Bye one get one free na kha! ????

15 billion to 1 billion in less than 6 years.  I'd say there's a message in that......  Mean while in Vietnam they are falling over backwards to get new companies.  How long will it be before Laos and Myanmar to get with the program? 

"The prime minister would establish and chair an investment steering panel to help investors overcome any obstacles as a one-stop service."

 

And where will he steer those investments to I wonder? Enough said.

I am not a business. But,one of the best decisions in my life was not to invest when I lived in Thailand.