Happy April Fool's Day!

[lung]

not from me , but good

and today in the headlines

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Home > Headlines > Thai Rak Thai vows to cut income tax if it wins ballot

Thai Rak Thai vows to cut income tax if it wins ballot

The Thai Rak Thai Party has vowed to exempt all Thais from personal income taxes for the income they reap in 2006, ahead of the Sunday election, a promise that should favour the party, according to a high-ranking party source.

"We would like to thank all Thais for voting for us," said the source who is confident that his party will win a landslide victory in the election and that party leader Prime Minister Thaksin Shinawatra will resume his post as prime minister.

The Stock Exchange of Thailand index yesterday skyrocketed by more than 100 points to 920, a nine-year high, as investors were cheered by the good news.

"They bought up stocks in huge chunks, knowing that next year they will not need to pay taxes," a stock analyst said.

Another analyst expected that if this tax waiver is implemented, people would go on buying sprees again. Luxury homes, with price tags of over Bt10 million, will become popular again even with middle-income earners.

The share prices of nearly all stocks hit ceiling levels yesterday, particularly Shin Corp Plc which ended the day at Bt51 - a record high price. Asked if this promise to eliminate 2006 taxes was practical, a source at the Finance Ministry said that it was.

"Right now, Thailand is plunging into a serious fiscal problem, but we believe that foreign investment will resume in the near future as investors are assured of political continuity as well as continuity in economic policies," said the source.

"This should create jobs over the next few years and though foreign investors are not going to pay corporate taxes in the first year of business, we should reap more taxes in the next."

Note: No matter how much we want this to be true, it is not. Happy April Fool's Day

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source NATION 1.4.2006

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