The Fiscal Policy Office yesterday denied that Thailand’s economic growth has been the slowest in As
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FPO DENIES ‘SLOWEST GROWTH IN ASEAN’ REPORTS
Pornchai Thiraveja, director-general of the FPO, denied reports yesterday that most Thais felt the country had deteriorated on all sides in the two years since the coup, particularly with the worst economic performance in Asean for two straight years.
Last year, Thai gross domestic product grew by 2.8 per cent, faster than that of Brunei and Singapore. In the first quarter of this year, GDP expanded by 3.2 per cent from the same three months last year.
Among the Asean-6, Thailand was the only country enjoying export expansion in the first four months of this year, the office said.
Thailand’s tourism had the fastest rise in the region for the first three months of 2016.
Net foreign direct investment surged 115.8 per cent to US$8.03 billion (Bt286 billion) last year, as investors recovered their confidence after the political unrest.
The Board of Investment has resumed its role of approving large-scale projects after the political vacuum in 2014, when projects waiting for approval piled up to more than Bt700 billion.
BIDS FOR HOUSING DEALS
Fourteen private companies bought bidding documents for the construction of Thanarak Pracha Rath Housing Scheme. Submitted documents will be opened late next month.
According to the Treasury Department, the bids were intended for housing projects on six plots of land nationwide , totaling 4,000 residential units. After June, civil servants will be allowed to register for planned residential units on two plots in Bangkok.
The other four plots in the provinces are awaiting contractors. Construction period of the four plot will take one year and a half contract-signings.
VAT REFUND RULES EASED
The Excise Department has relaxed its rule for stores under the Tax Refund for Tourists scheme.
The objective is to make it easier for companies to take part in the scheme, deputy director-general Somchai Saengratmaneedet said yesterday.
The new criteria only oblige applicants to be registered companies or registered partnerships, while requiring them to register as value-added-tax operators.
The minimum for registered capital has been waived, he said.
Interested companies can seek approval from the local excise office in their area, or from the tax administrative office for large firms if applicable, or from the department’s website.
They must display the VAT Refund for Tourists sign at their shops.
The scheme allows departing travellers to claim a refund of the 7-per-cent VAT levied on all purchases in the country.
