ID :
205282
Mon, 09/05/2011 - 12:56
Auther :
Shortlink :
http://m.oananews.org//node/205282
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Thai government to cut corporate tax to 20%
BANGKOK, September 5 (TNA) - New Thai Finance Minister Thirachai Phuvanatnaranubala announced Monday that his ministry plans to cut corporate tax to 20 per cent over the next two years and is conducting a feasibility study on an initiative to set up a new state wealth fund.
Thirachai told reporters that, as part of Thailand's preparations for the establishment of the ASEAN Economic Community (AEC) by 2015, the new government, through his ministry, will cut the corporate tax for local business firms to 23 per cent first by 2012 and then to 20 per cent by 2013, from 30 per cent currently.
Thirachai said that the government will also discuss with agencies concerned on appropriate promotional privileges for new domestic investment projects and will encourage first top three financial institutes of several countries to open their new branches in Thailand to serve foreigners; while supporting Thai banks to set up their overseas branches as well.
Regarding the new administration's proposed plan on setting up the state wealth fund, separately from the country's foreign exchange reserves, the finance minister acknowledged that he has assigned the Bank of Thailand (BOT) to conduct the feasibility study on the initiative with a conclusion to be submitted to him later, before the government's final decision on the issue will be made. (TNA)
Thirachai told reporters that, as part of Thailand's preparations for the establishment of the ASEAN Economic Community (AEC) by 2015, the new government, through his ministry, will cut the corporate tax for local business firms to 23 per cent first by 2012 and then to 20 per cent by 2013, from 30 per cent currently.
Thirachai said that the government will also discuss with agencies concerned on appropriate promotional privileges for new domestic investment projects and will encourage first top three financial institutes of several countries to open their new branches in Thailand to serve foreigners; while supporting Thai banks to set up their overseas branches as well.
Regarding the new administration's proposed plan on setting up the state wealth fund, separately from the country's foreign exchange reserves, the finance minister acknowledged that he has assigned the Bank of Thailand (BOT) to conduct the feasibility study on the initiative with a conclusion to be submitted to him later, before the government's final decision on the issue will be made. (TNA)
