FINANCE MINISTRY
Somkid urges ministry to fast-track six tasks
The Nation

BANGKOK: -- Deputy Prime Minister Somkid Jatusripitak yesterday asked the Finance Ministry to accelerate data collection of six tasks this year before forwarding them to the Cabinet next year.

The six tasks are tax structure reform, investment facilitation, development of the nation's competitiveness, development of capital and money markets, reform of the ministry's structure and administration of fiscal schemes for society.

The first task is the tax structure report, which aims to enlarge the income base with equality. Development of the electronic payment system will also be speeded up.

The second task involves facilitation for investment, business operations and services to people. Agencies will explain details and progress on the ranking of "doing business" to Prime Minister Prayut Chan-o-cha on November 6.

The third makes enhancement of national competitiveness a priority for implementation. The Fiscal Policy Office has been asked to provide details, particularly on the establishment of an innovation fund to finance the development of businesses.

With development of capital and money markets as the fourth task, the Fiscal Policy Office will join hands with the Bank of Thailand and the National Economic and Social Development Board to upgrade both markets to make them more internationalised and to better reflect demand of the real economy.

Big investors will be able to invest in Thailand and outdated regulations will be amended. About five to six months are expected for implementation.

The fifth is reform of units like tax-related departments and the Treasury Department.

"We want everything to start in the fourth quarter of this year and next year we'll do monitoring. These (six tasks) will be presented to the Cabinet as a package.

"We'll try to make them happen. A target is needed to expedite work, given the limited time," Somkid said.

Finance Minister Apisak Tantivorawong said tax structure reform, in principle, was about making it more convenient and less confusing to taxpayers, and to ensure equality for each type of tax.

Source: http://www.nationmultimedia.com/business/Somkid-urges-ministry-to-fast-track-six-tasks-30271884.html


-- The Nation 2015-10-30

Somkid is right to prioritize data collection related to implementation of economic tools. Statistics is the currency of economists.

But he might want to rethink development of the electronic payment system if the government is going to use its Great Wall gateway for all internet communications.