Arkom swings into action to revive economic growth

By The Nation

 

Arkom Termpittayapaisith

 

New Finance Minister Arkom Termpittayapaisith has started visiting state agencies for information and to give them policy advice, Thansettakij newspaper reported.

 

Although the overall picture of the Thai economy looks slightly better after the Fiscal Policy Office (FPO) downgraded the full-year forecast to 7.7 per cent contraction from the previously expected minus 8.5 per cent, the economy still needs to be nurtured back into positive territory. Next year, the economy is expected to recover to 4.5 per cent growth, but it will take about two years for the Thai economy to return to the pre-Covid-19 outbreak level, Thansettakij said.

 

One month after taking office as new finance minister, Arkom had reportedly called only one meeting with top executives of the Ministry of Finance and some others. Therefore it did not see many actual results since most of his work involves the government’s Centre for Economic Situation Administration or the Cabinet.

 

From November 9-13, Arkom will visit eight important agencies under the Ministry of Finance: Revenue Department, Excise Department, Customs Department, Fiscal Policy Office, Public Debt Management Office, State Enterprise Policy Office, The Treasury Department and the Comptroller-General's Department, to listen to operational guidelines and suggest policies for each agency to implement.

 

The Revenue Department, which is a key agency in generating income for the government, has set its revenue target for fiscal year 2021 at Bt2.085 trillion.

 

Ekniti Nitithanprapas, the director-general of the Revenue Department, confirmed the revenue target, explaining that they would receive additional income from the collection of value-added tax from electronic service providers abroad to domestic service recipients (e-service) after the House of Representatives approves it as a law. It is expected to be effective early next year, and generate about Bt5 billion.

 

Meanwhile, the tax base will be widened to bring more income in the future, but that may not be enough, Ekniti said. Arkom may therefore hike taxes, but at the same time technology must be used to draw more people to pay taxes, Ekniti said.

 

Source: https://www.nationthailand.com/news/30397611

 

-- © Copyright The Nation Thailand 2020-11-09

 

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8 minutes ago, webfact said:

Meanwhile, the tax base will be widened to bring more income in the future, but that may not be enough, Ekniti said.

 

800K retirement accounts?

30 minutes ago, webfact said:

Meanwhile, the tax base will be widened to bring more income in the future,

So, with more and more people being out of work (less tax revenues), then this must mean higher taxes for those still working?

Oh joy ????

40 minutes ago, webfact said:

as started visiting state agencies for information and to give them policy advice,

 

Bet that's an awesome way to spend some time, the people get to sit why he lectures at them the Thai version of death by PowerPoint!!

 

41 minutes ago, webfact said:

One month after taking office as new finance minister, Arkom had reportedly called only one meeting with top executives of the Ministry of Finance and some others

 

Well if the watchman can get away with snoozing the day away one meeting in 4 weeks seems reasonable, gives them less options to <deleted> stuff up, thainess....

19 hours ago, John Drake said:

 

800K retirement accounts?

Not from me... 

On 11/9/2020 at 3:48 PM, webfact said:

One month after taking office as new finance minister, Arkom had reportedly called only one meeting with top executives of the Ministry of Finance and some others. Therefore it did not see many actual results since most of his work involves the government’s Centre for Economic Situation Administration or the Cabinet.

One whole Month to arrange and attend meetings, and he has achieved just ONE meeting !

I thought the Country was on its A@@e due to the absence of Tourists, poor Export figures and various other things that have, and are, impacted the Nations Finances.

Hardly the actions of a go getter