Finance Ministry is confident Thailand can achieve 4% growth

[Lite Beer]

Finance Ministry is confident Thailand can achieve 4% growth

BANGKOK, 14 Feb 2015, (NNT) -The Secretary-General of the Finance Ministry Rangsan Sriworasart yesterday expressed his confidence that the Kingdom would be able to achieve a 4% economic growth as targeted.

Mr. Rangsan based his claim on the Government’s stricter tax collection policy, new investment stimulus package, and the soon-to-be-discussed new law on taxing land holdings and buildings, as the main driving forces.

He said even though legal entity tax revenue may be lower than expected, the Value Added Tax (VAT) revenue makes up for the shortfall. The rising VAT income indicates an increase in public spending.

Secretary-General Rangsan explained that the Government decided to lower the legal entity tax rate to attract more investments. These investments include the heavily promoted special economic zones being developed in various border provinces.

Furthermore, he said his ministry would push for tax structure reform, in order to modernize obsolete laws. This includes collecting tax on land and buildings, an inheritance tax, as well as excise and customs taxes.

-- NNT 2014-02-14

[topt]

So his version of "economic growth" is simply to collect more tax......................................

[elgordo38]

So his version of "economic growth" is simply to collect more tax......................................

The rising VAT income indicates an increase in public spending. Where is this guy coming from Mars.? Consumers are tapped out. Banks are tightening loan requirements cost of living is rising.

[hawker9000]

And no one should have ANY doubt that they'll be blithely announcing the unqualified success of that prediction by this time next year. (Why the announcement has probably already been drafted!)

[CaptHaddock]

The VAT tax, which is the source of 40% of the Thai government's revenue, is a regressive tax that disproportionately hits middle and lower income people. Reducing the tax burden on businesses and increasing it on the middle income and poor people is quite consistent with the dictatorship's goals of supporting the rich and powerful.

[hawker9000]

The VAT tax, which is the source of 40% of the Thai government's revenue, is a regressive tax that disproportionately hits middle and lower income people. Reducing the tax burden on businesses and increasing it on the middle income and poor people is quite consistent with the dictatorship's goals of supporting the rich and powerful.

" the dictatorship's goals of supporting the rich and powerful"

Repeat a lie often enough...

[maewang99]

it get's better. today's New York Times reports that members of Congress are racheting up the "currency manipulation" nonsense with one idea being to match China dollar for dollar for their debt purchases.... and to make it part of the TPP negotiations. anything is possible with the contrived values of paper currency.... if jobs becomes something more than just US politicians talking about this and instead taking any real action..... add to that that the US current account is headed negatively again, even in spite of shale gas.... so a stronger Baht is quite possible still. being diversified for currency risk may still be very important. and, I figure, the Baht isn't the only choice, I like everything about the Philippines as long as the politics doesn't sour so the Peso is even better. if all you got is everything in dollars such as an old style US pension or Social Security.... it might be a really big mistake to try chanting "the baht is too strong" over and over again while reality begs to differ. I think agriculture should be okay, but not businesses that depend too much on "the baht is too strong" nonsense... because we all know, from a purchasing power standpoint, that idea is really way way over the top.

Edited February 16, 2015 by maewang99

[SheungWan]

The VAT tax, which is the source of 40% of the Thai government's revenue, is a regressive tax that disproportionately hits middle and lower income people. Reducing the tax burden on businesses and increasing it on the middle income and poor people is quite consistent with the dictatorship's goals of supporting the rich and powerful.

Do you think Thaksin is more of a ringer for Che or Fidel?

[Christie Paul]

The USD does look strong and bound to get stronger - the last time it was like this was in 2008....and then....ouch.

Except this time around with virtually negative interest rates and money printing to the wazoo - it could come off a bit - or likely just implode.

The real value of the Baht can't be determined until the peg is removed - and that could be a seriously volatile event.