Thailand Accelerates Tax Reforms to Boost Investor Appeal

[webfact]

Phaohum Rojanasakul. Picture courtesy: Facebook Pao Phum Rojanasakun via PPTV

 

The Ministry of Finance is stepping up efforts to lower various tax rates to make Thailand more appealing to investors.

 

Speaking at the Thailand Focus 2024 event organized by the Stock Exchange of Thailand on Wednesday, Deputy Finance Minister Phaophum Rojanasakul highlighted that Thailand's economic growth in recent years has been below its potential due to a range of complex pressures. Despite these challenges, he emphasized that the Thai economy still holds promise for recovery and growth.

 

"The government is prepared to offer a wide range of incentives, both fiscal and non-fiscal, and to create an environment conducive to attracting new investments in eight key industries: tourism, medical and health, food, aviation, transportation, future automotive, digital, and finance," he said.

 

This is reinforced by a report from the Board of Investment (BOI), which shows a 64% increase in investment promotion applications in the first half of this year compared to the same period last year, particularly in target industries such as electronics, automotive, and data centers.

 

Regarding the vision of establishing Thailand as a financial hub, Rojanasakul stated that the ministry is focusing on two main strategies to attract foreign investment, including offering a variety of incentives such as tax benefits on income and corporate taxes.

The aim is to position Thailand as a competitive financial hub on par with other countries. These incentives will also include non-tax benefits, such as streamlined entry processes, diverse visa options, advantages for incoming labor, and benefits for operating in different regions.

 

Both strategies require coordination, with particular emphasis on developing the country’s financial ecosystem to attract foreign investments.

 

"Tax incentives need to be appealing and appropriately adjusted. Lowering various tax rates to draw investors is an effective strategy to ensure that businesses and foreign workers benefit from tax advantages.

 

However, adjusting tax rates is not the only consideration; other aspects of the ecosystem also need development. Therefore, the Ministry of Finance is pursuing two approaches: revising tax rates and enhancing the ecosystem. The government is open to considering input from all stakeholders," he stated.

 

The ministry has set up a large working committee for the Financial Hub project, with the next step being to accelerate the drafting of new financial legislation, which is expected to be completed in about two months.

 

-- 2024-08-31

 

 

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[redwood1]

Here are Thailand's new Tax hub rules and new tax policy's...

 

 

[ikke1959]

Tax reforms to attrack more...... but not for expats retirees and long stayers.. They have to pay tax and even more than they have to do in their own country,,,,,  Smart stupid moves

[Tropicalevo]

33 minutes ago, ikke1959 said:

Tax reforms to attrack more...... but not for expats retirees and long stayers.. They have to pay tax and even more than they have to do in their own country,,,,,  Smart stupid moves

As a retiree, how much tax are you currently paying at the moment?

BTW, my salary tax is much less %age wise than in the UK.

(So is my salary )

Edited August 31 by Tropicalevo

[bob smith]

can someone do me a favor and count how many times the word hub is used in this article?

 

thanks.

 

bob.

[watchcat]

5 minutes ago, bob smith said:

can someone do me a favor and count how many times the word hub is used in this article?

 

thanks.

 

bob.

Many times.....

[Enzian]

For every one of these kind of articles/proposals and similar I simply wanna write "Just shut up and improve education for the masses."

[nong38]

And as soon as the investment money arrives prepare to pay 35% tax on it but we wont mention that at the moment will we, wait till the next year. surprise surprise!

[john donson]

tax tax tax... let's wait and see... if forced for an extension... byeeeeeeeeeeeee

[Skeptic7]

22 hours ago, bob smith said:

can someone do me a favor and count how many times the word hub is used in this article?

 

thanks.

 

bob.

 

22 hours ago, watchcat said:

Many times.....

Here's one more...

Hub of 🐎 💩❗

[thefip]

The art of speaking without saying anything.
Just saying :P

[chiang mai]

13 minutes ago, thefip said:

The art of speaking without saying anything.
Just saying 😛

Said the pot to the kettle.