Newly-elected Thai government urged to stimulate national economy through tax incentives

BANGKOK, June 5 (TNA) - The private sector has called on the newly-elected Thai government to stimulate the national economy through tax measures after it takes office, expected within this month. Predee Daochai, Chairman of the Thai Bankers' Association (TBA), told journalists on Wednesday that the call was the resolution of the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) at its latest meeting in Bangkok earlier in the day. Predee said that the JSCCIB's resolution also includes calls on the new Thai government to carry on the policies on implementing mega-infrastructure investment plans, the Eastern Economic Corridor (EEC) Project and assistance programs for small and medium-sized enterprises (SMEs). Supant Mongkolsuthree, Chairman of the Federation of Thai Industries (FTI), then urged the newly-elected Thai government to also work together with the private sector through the Joint Public and Private Sector Consultative Committee (JPPSCC), by holding its meetings to be chaired by the Thai prime minister every six months and to be chaired by a deputy prime minister or a permanent secretary of a relevant ministry every three months. Meanwhile, Wednesday's JSCCIB meeting estimated that the Thai economy should grow by only 2.8 per cent year-on-year in the first quarter of 2019, the lowest level in 17 quarters, due mainly to a shrink in the country's exports, caused by negative impacts from the escalating trade war between the immense Chinese and the US economies. The latest JSCCIB meeting acknowledged, however, that the domestic consumption and investment plans, including those run by the private sector, as well as the domestic tourism should become major forces to drive forward the national economy during the rest of the year, stating that the JSCCIB, comprising TBA, FTI and the Board of Trade of Thailand (BTT), will submit the proposed calls in a "white paper" to the newly-elected administration by late this month. (TNA)