Faster Vat Returns Promised To Lure Investors

[george]

Faster VAT returns promised to lure investors

BANGKOK: -- Thailand’s Industrial Estate Authority has been ordered to find ways to speed up the return of value-added tax to manufacturers in a bid to attract more investors in the country's industrial estates.

Thailand’s Industry Minister Wattana Muangsook gave the policy instruction at a meeting with the Industrial Estate Authority on Friday which discussed obstacles and incentives to investment in the country's industrial estates.

Manufacturers have complained recently that it takes 60 days to have their VAT claims for goods produced for export processed.

The IEA and the Revenue Department are working together to speed up the process in the hope that this will attract more factories to locate inside the IEA-run facilities, Mr. Wattana said.

The IEA plans to meet representatives from the Board of Investment and the Thai Industrial Estate Association on 18 May to revise the rules and regulations concerning investment inside the industrial estates, the IEA governor Uthai Chantima said.

The agencies plan to provide even more incentives for investors in the country’s industrial estates.

Apart from establishing methods to ensure VAT returns within 30 days, the meeting will also discuss better land rents and other tax incentives.

The IEA intends to promote certain key industries, including biotech, food, petrochemicals, dye and logistics. It also hopes to attract more Japanese and Chinese investors, Mr. Uthai said.

--TNA 2005-05-15

[terdsak_12]

30 days, it takes us 3-4 months usually to see a Baht out the buggers.

[xbusman]

Sometimes I think they spend all their time trying to create barriers. From work permits, duties, port corruption, VAT refunds, licenses, paperwork, more paperwork, and yet more paperwork. Just spent three weeks just changing the bloody address. Fines to pay for not notifying the proper tax authority weeks in advance (had no idea where the new place would be!) and on and on. China and Singapore have taken away the market, the longer they delay in creating a competative framework, the harder it will be to get in the game.

[Sumitr Man]

Boy is this an old chestnut

Anyone believing this, please PM me. I know of some hidden gold in a cave in Kanchanburi - for a small upfront fee I'll even let you know where it is

SM

[~G~]

Boy is this an old chestnut 

Anyone believing this, please PM me.  I know of some hidden gold in a cave in Kanchanburi - for a small upfront fee I'll even let you know where it is 

SM 

<{POST_SNAPBACK}>

Why be sarcastic? Have some faith... Many companies are treated very well by the Thai government. Shin Corp., for example.