New Thai govt: Six items top the agenda of interim military regime

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NEW GOVERNMENT
Six items top the agenda of interim military regime
Somluck Srimalee
The Nation

BANGKOK: -- Tax reforms, energy reforms, public-debt management, restructuring of state enterprises, investment in infrastructure, and creation of value-added agricultural products are the six priority tasks on the government agenda to restructure the economy during its year-long stint.

Deputy Prime Minister MR Pridiyathorn Devakula said the second stage to drive long-term growth would be to tackle economic weaknesses so as to be able to compete with other countries in the region and the world.

Tax reform to create fairness in society is the top priority. This includes expanding the taxpayer base, restructuring auto excise tax, and new taxes on inheritance, land and construction.

"The Inheritance tax will not have any impact on low-income people. It is a 10-per-cent tax on wealthy people who have an inheritance valued at more than Bt50 million. There will also be exceptions for farms and others," he said.

Meanwhile, the government will reform the energy system so that there is enough energy for all people with a fair price structure, and also promote the use of alternative energy, he said.

Managing the public debt so that it does not exceed 60 per cent of gross domestic product is a key part of the government's investment plan.

Debt challenge

Pridiyathorn said the first challenge in managing the public debt was to figure out how to repay Bt700 billion in debt accumulated during the two years of the rice-pledging policy of the deposed Yingluck Shinawatra government. The government will restructure this debt from a five-year payment schedule to a long-term one spread over 30 years. This will lower the government's annual debt-servicing burden and yield space for the fiscal budget to provide for long-term investment in infrastructure.

Restructured state agencies have to generate income to cover their spending and also restructure their activities to match the business environment. For instance, TOT and CAT Telecom have to change their business strategy in keeping with the changes in the telecommunications industry.

Investment in infrastructure projects will encompass rail, air and water transport. The government will soon sign agreements for such projects as the mass-transit system in Greater Bangkok, double tracking of the railway system, the second phase of Suvarnabhumi Airport's upgrade, and developing deep-sea and other ports reduce transport costs for exporters.

Creating value-added agriculture products will help tide over the problem of sliding crop prices. Rubber will be the first to join the Agriculture Cooperative initiative. If this proves successful, it will be expanded to other crops.

"When the next government is elected to manage the country, it will have to continue the initiatives undertaken by the current Cabinet," Pridiyathorn said.

Source: http://www.nationmultimedia.com/politics/Six-items-top-the-agenda-of-interim-military-regim-30243530.html


-- The Nation 2014-09-18

[Chang_paarp]

All the new ministers have been hard at work putting out press releases proving they are hard at work.

[bangkokfrog]

Didn't the good General come PM say recently that fighting corruption would be the top priority. Not even a mention of it here!

[pomchop]

Didn't the good General come PM say recently that fighting corruption would be the top priority. Not even a mention of it here!

The headline as written doesn't match the info in the story which says top six re ECONOMY...

"the six priority tasks on the government agenda to restructure the economy"

[Nickymaster]

All the new ministers have been hard at work putting out press releases proving they are hard at work.

[worgeordie]

"there will also be exceptions for farms and OTHERS" he said,

loophole number 1,

regards Worgeordie

[Anon999]

Didn't the good General come PM say recently that fighting corruption would be the top priority. Not even a mention of it here!

The headline as written doesn't match the info in the story which says top six re ECONOMY...

"the six priority tasks on the government agenda to restructure the economy"

Headline writers are notoriously incompetent and not just in Thailand.