Thai Cabinet approves Petroleum Act, appoints new finance experts

Cabinet approves Petroleum Act, appoints new finance experts

BANGKOK, 8 June 2016 (NNT) - The Cabinet meeting has endorsed a draft Petroleum Act and appointed three individuals as the Ministry of Finance’s academic experts.

According to Government Spokesperson Maj. Gen. Sansern Kaewkamnerd, the draft Petroleum Act determines three different ways Thailand can manage the production of petroleum. They include concession granting, productivity sharing and private contracting.

As for the proposal by the Thai Energy Reform Watch group to establish a national oil company, the Cabinet disclosed that the Council of State found the details of the plan to be ambiguous.

The Ministries of Energy and Finance have been instructed to study the proposal and report back to the Cabinet on its feasibility.

Regarding the draft Petroleum Income Tax Act, the spokesperson said any petroleum company who enters into an agreement with the government will not be exempt from petroleum income tax, due to additional management measures that have been put in place.

The Cabinet has also endorsed the appointments of three candidates as academic experts at the Ministry of Finance.


-- NNT 2016-06-08