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Tax break for shareholders
The Revenue Department will offer tax incentives to foreign companies that list on the Stock Exchange of Thailand, department director-general Satit Rungkasiri said yesterday.
Shareholders who receive dividend payments from dual-listed firms could choose to pay 10-per-cent withholding tax on the dividend, instead of including the income in their annual tax payment, which attracts a higher rate. The new regulation, which took effect on Thursday, aims to promote dual listing among foreign firms, he said. The rule also applies to dividends paid by Thai companies that list on the SET.
Chief suspended over project
The president of the state-owned Public Warehouse Organisation, Sarawut Sakulmeerit, has been suspended over the agency’s failure to solve problems in the management of the government’s red-onion pledging project, which has sustained huge losses.
Commerce Minister Boonsong Teriyaphirom said the suspension had been in effect for two weeks. The organisation is investigating whether any government officials played a role in the losses of nearly Bt160 million sustained by the Bt300-million pledging project. It was reported that 5,872 tonnes of red onions are unaccounted for, while 4,610 tonnes were allowed to rot because of ineffective management.
Call to Thai eateries overseas
The International Trade Promotion Department will spend Bt300 million to promote Thai foods and restaurants under the “Kitchen to the World” project next year.
As part of the activities, it plans to encourage Thai restaurants abroad to seek the “Thai Select” certificate. Certified restaurants are guaranteed to have high standards and serve tasty and authentic Thai food.
Multilateral development banks earmark $175 bn to upgrade transport systems
The Asian Development Bank (ADB) and seven other multilateral development banks (MDBs) announced their commitment to provide more than US$175 billion (Bt5.55 trillion) in loans and grants for transport in developing countries over the next decade.
“Rapid motorisation is creating more congestion, air pollution, traffic accidents and greenhouse gas emissions – especially in developing countries,” ADB president Haruhiko Kuroda said yesterday, speaking on behalf of the MDBs at a news conference in Rio de Janeiro, Brazil. “Developing countries have the opportunity to leapfrog to a greener future of less motorisation, shorter commutes, and more energy-efficient transport systems.”
Global carbon-dioxide emissions from the transport sector are projected to increase by nearly 50 per cent by 2030 – with profound environmental, economic and social consequences – unless dramatic changes are adopted.
In many Asian nations, losses from traffic-related congestion already amount to 5 per cent of gross domestic product.
Many large Asian cities also suffer from the highest air-pollution levels in the world, contributing to the premature death of half a million people each year, experts say.
Inadequate transport continues to exacerbate poverty and inequality in many regions of the world, inhibiting access to schools, healthcare, markets, and job opportunities, the ADB says.
Yet despite the importance of the transport sector, which also directly contributes 5-10 per cent of GDP in most countries, it has been largely neglected in the global sustainable-development agenda. The joint MDB investment is intended to help develop and implement more environmentally friendly, accessible, affordable, and safe transport solutions.
S Khonkaen Foods to post Bt40m in extra income from subsidaries’ share divestment
Listed firm S Khonkaen Foods, a leading manufacturer of traditional Thai foods, expects to book an extraordinary income of Bt40 million in the second quarter, gained from divesting its subsidiaries in S Khonkaen shares, said CEO Charoen Rujirasopon.
This action is to comply with the regulation on share-crossing of listed companies.
After two subsidiaries of S Khonkaen Foods sold their stakes in S Khonkaen Foods' shares, they have no any shares left.
Bangkok Bank launches fixed deposits
Bangkok Bank yesterday launched a fixed deposit for five months paying interest of 3.25 per cent per annum, which will be effective on Monday.
Minimum required deposit is Bt200,000.
However, the bank also offers a choice for clients who want to deposit for 11 months at a fixed rate of 3 per cent per annum. The product is available from now until July 12.
