FTI comes up with ideas to boost economy

By THE NATION

 

FTI chairman Supant Mongkolsuthree, left, with PM Prayut Chan-o-cha. (Photo credit: Royal Thai Government)

 

The Federation of Thai Industries (FTI) submitted a proposal to boost the subdued economy to Prime Minister Prayut Chan-o-cha on Friday (June 19).

 

 

Prayut had called on the FTI to make proposals as part of his announcement last week that every party would be given an opportunity to hand in their ideas for driving the country towards a better future.

 

FTI has proposed that the first step would be to allow the joint public-private committee tasked with solving economic problems to meet, FTI chairman Supant Mongkolsuthree said, pointing out that it has been a long time since the committee last convened. He added that the committee should hold a meeting next month.

 

The federation also proposed that its members deploy technology to help farmers reduce their production costs by Bt1,500 per rai. It plans to pilot this scheme on 2 million rai of land.

 

It will also promote “made-in-Thailand” concept as part of the national agenda as well as campaign for the country to become a regional centre for ethanol production.

 

FTI has also proposed that the government waive corporate income tax for the 2019-2021 fiscal years for small and medium-sized enterprises. Almost all types of withholding tax for the current 2020 fiscal year should also be cut to a flat rate of 1.5 per cent.

 

Source: https://www.nationthailand.com/business/30389977

 

-- © Copyright The Nation Thailand 2020-06-21

 

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they are pi ssing in the wind until they do something effective reducing the baht value  

Interesting mask. I wonder if that look was intended

No wonder that Supant is loughing

Edited June 21, 20206 yr by sweatalot

5 hours ago, smedly said:

they are pi ssing in the wind until they do something effective reducing the baht value  

I would think FTI: TVF can come up w/ many more suggestions than just that. Where's the free beer?

6 hours ago, rooster59 said:

reduce their production costs by Bt1,500 per rai. It plans to pilot this scheme on 2 million rai of land.

so they need probably 6 billion baht, 2 million x 1500 baht and 3 billion to grease the wheels

How about reducing luxury taxes to 20%, instead of the insane 100% to 360% on goods and wine? Want to encourage us, and the wealthy Thais to part with some of our cash? You always throw out easy, and nebulous solutions. You rarely come up with anything creative or useful to the people. 

 

Are you guys serious, or are you simply blowing a lot of hot air, as usual, and looking for an excuse for yet another high paid conference?

1 hour ago, spidermike007 said:

How about reducing luxury taxes to 20%, instead of the insane 100% to 360% on goods and wine? Want to encourage us, and the wealthy Thais to part with some of our cash?

 

if you mean more of your cash......no, they don't.

 

High taxation on those items (while most don't even earn enough to pay income tax) is a marker of the grotesquely unequal social system.

 

It keeps the majority "out".

 

For the most wealthy it represents a club membership "fee".

 

A fee happily paid as an alternative to increased wages (thus broadening the tax base among the wider population and increasing their purchasing power and economic independence) leading to increased social mobility and a proliferation of "ideas" about entitlement, wider access to power and "just" social/political development.

 

That would spoil the "harmony", most beloved of the ruling plutocracy.

 

 

 

 

 

Edited June 21, 20206 yr by Enoon

16 minutes ago, Enoon said:

 

if you mean more of your cash......no, they don't.

 

High taxation on those items (while most don't even earn enough to pay income tax) is a marker of the grotesquely unequal social system.

 

It keeps the majority "out".

 

For the most wealthy it represents a club membership "fee".

 

A fee happily paid as an alternative to increased wages (thus broadening the tax base among the wider population and increasing their purchasing power and economic independence) leading to increased social mobility and a proliferation of "ideas" about entitlement, wider access to power and "just" social/political development.

 

That would spoil the "harmony", most beloved of the ruling plutocracy.

 

 

 

 

 

While I agree with some of what you said, I think the primary industry that benefits despite these taxes is the luxury automotive sector. And they would do far better with more reasonable taxes. 

 

All other areas languish. Jewelry, handbags, watches, and so many other areas, the items are bought overseas by rich Thais, and carried back. Nearly every time I peek into one of those shops In Bangkok there is not a customer in sight. Can't say that about the same shops elsewhere in the world. 

Seeing these smug guys makes me want to throw up.

15 hours ago, rooster59 said:

he federation also proposed that its members deploy technology to help farmers reduce their production costs by Bt1,500 per rai. It plans to pilot this scheme on 2 million rai of land.

Thai rice farmers don't spend as much as Bt1,500 per rai. The proposal must be totally unrealistic

15 hours ago, spidermike007 said:

Nearly every time I peek into one of those shops In Bangkok there is not a customer in sight.

Peak times, right. Nothing new here, though. Our ace TVF Shopping Mall Analysts have long determined that it is logically impossible that a shopper can exist in a Thai shopping mall. Therefore they have never seen one, ever. Wisely, they sneered at the construction of Siam Paragon after Thais had all returned to work in rice fields. The INSANE rise in visa fees in 2003 caused the beneficent Golden Egg Layers to head for exits, you see, leaving merely the ruins of a once-great economy you see now.

 

And so the paradox of the Thai shopping mall has been easily explained: money laundering. Try to keep up with the basics of TVF Economics.

 

15 hours ago, spidermike007 said:

Can't say that about the same shops elsewhere in the world. 

I can. In fact I grew up near one of the richest malls in the USA. Still is, too. Usually had some spaces vacant (the sure sign of imminent mall bankruptcy) and all the shops have changed over the years. Now one thing it never had: the stalls of doom in front where local vendors are permitted to sell cheap stuff. You've probably missed this as well, but one of our most distinguished Analysts, now Emeritus, first identified the stalls as critical economic indicator. Keep your eyes open. He also observed, BTW, with the usual prescience, that CentralFestival would quickly fail 'cause the fools thought they could charge them Bangkok prices in Pattaya.

 

Edited June 22, 20206 yr by BigStar

3 hours ago, BigStar said:

Peak times, right. Nothing new here, though. Our ace TVF Shopping Mall Analysts have long determined that it is logically impossible that a shopper can exist in a Thai shopping mall. Therefore they have never seen one, ever. Wisely, they sneered at the construction of Siam Paragon after Thais had all returned to work in rice fields. The INSANE rise in visa fees in 2003 caused the beneficent Golden Egg Layers to head for exits, you see, leaving merely the ruins of a once-great economy you see now.

 

And so the paradox of the Thai shopping mall has been easily explained: money laundering. Try to keep up with the basics of TVF Economics.

 

I can. In fact I grew up near one of the richest malls in the USA. Still is, too. Usually had some spaces vacant (the sure sign of imminent mall bankruptcy) and all the shops have changed over the years. Now one thing it never had: the stalls of doom in front where local vendors are permitted to sell cheap stuff. You've probably missed this as well, but one of our most distinguished Analysts, now Emeritus, first identified the stalls as critical economic indicator. Keep your eyes open. He also observed, BTW, with the usual prescience, that CentralFestival would quickly fail 'cause the fools thought they could charge them Bangkok prices in Pattaya.

 

Malls in America are some of the most dismal places in the world. Some feel like huge coffins. They lack charm, energy, and good food. And I cannot remember the last time I saw a gorgeous gal in a mall in the US! In Thailand some of us love hanging out at the malls. They are glorious. Have you seen Ikon Siam? It is astonishing. I spoke to a friend of mine in the US, who is a hugely successful commercial real estate developer who owns a few smaller malls. He told me something like that could never in a million years be built in the US.

 

In Thailand I can spend a whole afternoon at a great mall like Siam Paragon. Between the bird watching, the AC, the showrooms, the restaurants, the food, markets, movie theatre, and bookshop, I can get lost in that place.