DPM Kittiratt: Eurozone crisis fallout poses no significant impact on Thailand

The deputy prime minister in charge of economic affairs has reassured the public that the Eurozone debt crisis has not posed any significant impact on the country yet.

Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong said during the Yingluck Government Meets the People program, on Saturday, that the financial crisis in Europe has not elevated, with all related governments working hard to contain and solve the problems through such approaches as fund-raising and monetary policy.

For ASEAN, Kittiratt stated that all countries have cautiously devised and pursued their respective policies. Major economies, such as China and South Korea, have adjusted down their interest rates.

The Deputy PM added that the Thai government has also introduced a number of surveillance measures related to the interest rate policy, the energy prices and the tax policy, to prevent the country from being hit by the Eurozone debt crisis.

He reiterated that the impact of the financial crisis in Europe has not reached Thailand although he conceded that all measures must be carefully implemented to shield the local economy from any undesirable fallout.

When asked about the export industry, Kittiratt said that all state banks have provided assistance to business operators, who are in need of help. Such assistance includes special loan consideration and the opening up of new markets.

He noted that a number of sectors may be hit by the Euro crisis, including jewelry, textile, garment and electronics. However, he assured that the government has started discussions to find solutions for each on an individual basis. (NNT)

 

Revenue Dept poised to rid the country of businesses engaged in tax evasion

The Revenue Department is set to battle tax evasion in the private sector.

Director-General Satit Rungkasiri said that the Revenue Department is now working on the development of a system to monitor all trade transactions, by adopting a similar system implemented in South Korea.

Under this new system, local business operators will be required to report all purchase and sales tax to the Revenue Department.

Satit said that the reports from business operators will be cross-checked with relevant data, a move that will enable the Revenue Department to track the origins and the ends of all transactions.

He stated that the new system will work for business operators who have and haven’t completed the VAT registration.

The Revenue Department Director-General is hopeful that, with sufficient state support both in personnel and equipment, its tax collection will rise at least 30 percent. (NNT)
 

Cabinet approves 106km double-track railway in east

The Thai Cabinet on Tuesday approved the State Railway of Thailand (SRT) project to build 106km of double-track railway from Chachoensao to Saraburi, according to deputy government spokesperson Pakdiharn Himathongkham.

Apart from the 106km double-track, the Cabinet endorsed building rail bypasses at three railway junctions in Chachoengsao, Saraburi and Ayutthaya with a 2013-2016 budget of Bt10.63 billion, set aside for both projects.

It also endorsed the proposed SRT construction of a railway and a tunnel at Phraphuttachai Mountain in Saraburi with a budget of Bt712 million under a two-year project.

SRT railway operations nationwide total 4,363 kilometers of rails, including 3,755km of single track, 173km of double tracks and 107km of triple tracks.

The SRT targets completing 3,039km of double tracks within the next 15 years to serve a high speed railway system and to facilitate transport and railway passengers. (MCOT)
 

Investors and exporters to China advised to study tax-related laws

Paisan Youngsomboon, a leading executive in the food and agricultural industry with Charoen Pokphand Group Company Limited, China, has urged those who are set to invest in China or plan to export to the country to look into tax incentives proposed by the Chinese government.

Paisan advised potential investors and exporters to study the laws pertaining to the economy in China, particularly laws regarding taxes and duties. He also recommended a careful study into the types of business that one should invest in China. Thai investors are urged to focus on businesses supported by the Chinese government, such as agricultural businesses, public utilities, and businesses that help to conserve the environment.

He also suggested prior studies into locations of investment and business structure as the right selections will enable investors to benefit from tax exemption or privileges. (NNT)
 

Transport speeds use of one-ticket system within 1 year

The Transport Ministry is speeding up implementation of a one-ticket system for transportation in Thailand for a trial period within one year, the ministry’s permanent secretary said.

In his capacity as chairman of the Common Ticket Management System Committee, Silpachai Jarukasemratana said the one-ticket system would allow commuters to switch between buses, boats and trains (sky trains and undergrounds included) by using a single ticket.

He said such a system would facilitate commuters and tourists alike while travelling in Thailand.

Passes for one, three, and seven days and for one month were offered for discussion, he said.

Details of profit distribution for each transport system will be discussed further, according to Silpachai.

The Transport and Traffic Policy and Planning Office, as the main organization tasked to develop the common ticketing system, must within a few months find appropriate personnel and complete the system’s study and planning.

Krungthai Bank was nominated as the central bank for financial transactions through the system’s electronic network, or Automated Clearing House (ACH).

Meanwhile, Transport Ministry Inspector General Chula Sukmanop said the Transport and Traffic Policy and Planning Office’s employment of advisors will be made within a budget of Bt714.3 million, of which Bt305.3 million is for setting up a common ticketing system, and Bt409 million is for ACH installation, both with a four-year management period. (MCOT)