NOW ‘NOT THE TIME’ TO RAISE VAT RATE
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Now is not the time to raise the current value-added-tax rate of 7 per cent, says the Finance Ministry, citing the sluggish economy.
Permanent secretary Somchai Sujjapongse said raising the rates of any type of tax might be difficult as the economy has not yet made a good recovery.
Relevant agencies have studied a plan to raise the VAT rate but decided it is not the right time, he said. However, the issue is subject to the finance minister’s policy and the government will decide what to do.
EXIM BACKS GOODY MOVE
The Export-Import Bank of Thailand has extended a loan to Goody Move Co to support the enhancement of the company’s marine cargo services.
Kematat Saicheur, acting president of Exim Bank, and Nantawat Na-rasri, managing director of Goody Move Co, recently signed a Bt10.4-million credit-facility agreement to finance the company’s project to improve the efficiency of one tugboat, two floating crane barges, and one lighter boat.
Kematat said this financial support aimed to enhance Goody Move’s fleet efficiency, envisaging the high potential of the company that has more than 12 years in the maritime cargo business and has a consistent growth record.
The loan will be used to improve the four vessels, overhaul heavy equipment and propeller sets, install a crane-engine back-up system, and modify the barges to serve as a floating repair yard.
These enhancements are expected to strengthen the company’s efficiency to serve rising customer needs and sharpen its competitive edge.
This is in line with Exim Bank’s commitment to respond to the government policy to drive the growth of export and related service sectors for the country’s economic expansion in the long term.
TU TOPS POLL
Thai Union Group, the world’s largest processor of shelf-stable tuna, recently topped the board among Thai companies in the 16th annual “Asia’s Best Managed Companies” poll by FinanceAsia.
In a poll of 129 portfolio managers and buy-side analysts around the world, Thai Union was ranked first in Thailand in five categories: best managed company; best CEO; most committed to corporate governance; best at corporate social responsibility; and best at investor relations.
BT5.5 BN IN PREMIUMS
Allianz Ayudhya has reported that first-year premiums from all distribution channels reached Bt5.5 billion last year, growing 5 per cent, while gross written premiums generated by all distribution channels hit Bt29 billion, up 7 per cent from 2014.
The agency channel remained the biggest contributor, with total premium income of Bt14.2 billion, an increase of 1 per cent.
The bancassurance channel brought in total premiums of Bt8.4 billion, for significant growth of 18 per cent. Direct marketing remained the market leader with Bt4.8 billion, growing 8 per cent.
