ID :
145709
Tue, 10/12/2010 - 10:25
Auther :
Shortlink :
http://m.oananews.org//node/145709
The shortlink copeid
SCB chief backs Finance Ministry plan to revoke withholding tax waiver
BANGKOK, Oct 12 – The Finance Ministry’s plan to revoke the 15 per cent withholding tax exemption on interest returns and profits earned by foreign investors from debt instrument sales will be an effective measure to rein in the baht volatility, according to a top banker.
Siam Commercial Bank President Kannikar Chalitaporn said the baht had strengthened too rapidly lately due to the short-term capital inflow for a speculation on the currency. Thailand will not benefit from such capital, she said.
Should withholding tax be imposed, it would help slow the foreign capital inflow, she said, adding that the measure would not impact the capital market.
SCB Executive Chairman Dr Vichit Suraphongchai said many countries had adopted different measures to oversee the stability of their currencies.
In Thailand, the government must gradually issue measures to supervise the baht movement and keep watch on whether they could help curb the baht surge in the long run.
He added the government could not impose severe measures as in 2006 when a 30 per cent reserve requirement was imposed because it would take a heavy toll on the capital market. (MCOT online news)
Siam Commercial Bank President Kannikar Chalitaporn said the baht had strengthened too rapidly lately due to the short-term capital inflow for a speculation on the currency. Thailand will not benefit from such capital, she said.
Should withholding tax be imposed, it would help slow the foreign capital inflow, she said, adding that the measure would not impact the capital market.
SCB Executive Chairman Dr Vichit Suraphongchai said many countries had adopted different measures to oversee the stability of their currencies.
In Thailand, the government must gradually issue measures to supervise the baht movement and keep watch on whether they could help curb the baht surge in the long run.
He added the government could not impose severe measures as in 2006 when a 30 per cent reserve requirement was imposed because it would take a heavy toll on the capital market. (MCOT online news)
