ID :
206855
Tue, 09/13/2011 - 14:05
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Shortlink :
http://m.oananews.org//node/206855
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PTT CEO backs government's tax cuts
BANGKOK, September 13 (TNA) - A top executive of PTT Public Company Limited (PTT), Thailand’s energy giant, has voiced his support for the new government's tax cuts, including those for local business firms and people who buy first cars.
The PTT Chief Executive Officer (CEO) and President, Pailin Chuchottaworn, insisted Tuesday that he agrees with the new Pheu Thai government’s policies to cut the country's annual corporate income tax from 30 per cent to 23 per cent and the tax levied on people's first cars, noting that the policies would also benefit related industries and boost revolving funds in the national economy.
According to the PTT top executive, the government's corporate income tax cut will, for instance, reduce PTT’s annual corporate income tax payment from 70-80 billion baht by 7 per cent; so, his company can spend the saved money on expanding investment plans.
The PTT CEO assessed if the first-cars tax reduction policy raised Thailand's automobile sales by 500,000 units, it would also boost revenues of related industries and even those of local farmers, pointing that the tax cut policy should raise car-tyre sales by at least 2.5 million units, as a car uses five tyres on average.
The PTT president said he believes the first-cars tax reduction will not significantly raise domestic oil demand, as the policy will be applied only to compact automobiles with engine capacity of no greater than 1,500cc. (TNA)
The PTT Chief Executive Officer (CEO) and President, Pailin Chuchottaworn, insisted Tuesday that he agrees with the new Pheu Thai government’s policies to cut the country's annual corporate income tax from 30 per cent to 23 per cent and the tax levied on people's first cars, noting that the policies would also benefit related industries and boost revolving funds in the national economy.
According to the PTT top executive, the government's corporate income tax cut will, for instance, reduce PTT’s annual corporate income tax payment from 70-80 billion baht by 7 per cent; so, his company can spend the saved money on expanding investment plans.
The PTT CEO assessed if the first-cars tax reduction policy raised Thailand's automobile sales by 500,000 units, it would also boost revenues of related industries and even those of local farmers, pointing that the tax cut policy should raise car-tyre sales by at least 2.5 million units, as a car uses five tyres on average.
The PTT president said he believes the first-cars tax reduction will not significantly raise domestic oil demand, as the policy will be applied only to compact automobiles with engine capacity of no greater than 1,500cc. (TNA)
