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Excise Department will during the current fiscal year move quickly to adjust its tax base and excise rates, in order to bring them in line with international standards and the economic situation. 

Director-general Somchai Poolsavasdi yesterday said the plan for fiscal 2015, which began on October 1, would be executed through six projects: development of “green tax” collection; improvement of the tax collection system; establishment of a code of excise duties from seven current laws; development of a mobile operations centre for use in emergency situations; data linkage through the National Single Window; and development of an oil and beverage measuring system that would increase the efficiency of excise collection.

In the fiscal year that has just ended, the Excise Department’s revenue was Bt384 billion, about 17.46 per cent lower than its target of Bt460 billion, due largely to this year’s economic slowdown, Somchai said. 

In fiscal 2015, the department targets tax collection coming in at Bt420 billion, he added. – The Nation

 

Fitch lowers SCBT rating due to reduced asset quality

Fitch Ratings has downgraded Standard Chartered Bank (Thai)’s viability rating to “bbb” from “bbb+”, and revised the outlook on its long-term local-currency issuer default rating to negative from stable. 

The downgrade of the viability rating is based on deterioration in SCBT’s asset quality, Fitch said.

SCBT’s impaired loans had risen to Bt7.7 billion, or 7.3 per cent of total loans, at end-June, from Bt6.3 billion, or 6.1 per cent of loans, at the end of last year. 

The outlook for the operating environment remains difficult, and further deterioration in asset quality is likely, said the ratings agency. 

The viability rating also takes into account the ordinary support from the parent, especially in global networking, funding, liquidity and risk management, it added. – The Nation

 

Thai firms spot opportunities, up investment in Vietnam

The recent increase in investment flows from Thai enterprises has shown that Vietnam is vital for the Thai economy, especially after the Asean Economic Community comes into effect next year.

Recent information from Thailand’s Board of Investment shows that the country’s outward investment in Asean member countries has undergone an upward trend since 2007, with last year’s investment at US$4.5 billion (Bt146.3 billion), equal to Thailand’s investment in the European Union.

Most of the Thai investment in Asean was in Singapore, Indonesia, Vietnam and Myanmar, according to Chokedee Kaewsang, deputy secretary-general of the Board of Investment.

With more than $1.4 billion between 2009 and 2013, Vietnam was ranked third in receiving investment from Thai enterprises, after Singapore and Indonesia.

Capital flow to Vietnam has increased sharply recently, especially after the purchase of Metro Cash & Carry Viet Nam by Thailand’s Berli Jucker for $879 million earlier this month.

In addition, Thai-owned Robinson Department Store made its Vietnam debut in Hanoi in April. 

It will also open a 12,000-square-metre store in Ho Chi Minh City’s Crescent Mall shopping centre in District 7 next month. – Viet Nam News/ANN