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  1. #1
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    Thailand to boost tax incentives, stock market to cushion impact from US

    Thailand to boost tax incentives, stock market to cushion impact from US

    BANGKOK, Oct 1 (TNA) - Fearing that the current US financial crisis could snowball into recession after the US Congress failed to approve a US$700 billion plan to bail out troubled institutions, the newly-appointed Thai government is going all out with several plans including boosting tax incentives and making the Stock Exchange of Thailand (SET) moves vigorously.

    Finance Minister Suchart Thadadamrongwej said after holding a meeting with senior officials of the Federation of Thai Capital Market Organisations and the SET that the Thai bourse still has bright prospects

    but has plunged about 28 per cent due to global financial crisis.

    Mr. Suchart said he had asked the SET to coordinate with his ministry to implement projects which received an approval by the cabinet on Tuesday.

    On the plan to boost tax incentives, investment amount on long term equity funds (LTF) and retirement mutual funds (RMF) would be widened from the current amount of not over 15 per cent of income or at the maximum amount of Bt500,000, said Mr. Suchart.

    Mr. Suchart said he had ordered the Government Savings Bank to help boost liquidity to specialised state-run banks whenever they experience a liquidity crunch in the wake of global financial crisis.

    GSB director-general Lersak Chulathes said the bank is ready to help boost the liquidity of state-owned banks because it has a deposit base of Bt660 billion and excess liquidity of Bt60 billion. The bank's total assets are as high as Bt770 billion with the borrowing cost lower than it should be in the market.

    Mr. Suchart said he would also support for an establishment of the SET's matching fund with the total value of Bt8.25 billion, approved by the previous government of prime minister Samak Sundaravej.

    Suparat Kawatkul, permanent secretary for Finance, said plans on both the LTF and the RMF would be submitted to the cabinet for consideration immediately after it has presented its policy to the parliament. He said he believed more people would be willing to invest on both instruments because they would gain tax benefits while Thai stocks are now cheap.

    SET president Patareeya Benjapolchai said combined investments on LTF and RMF in the past amounted about Bt80 billion and she was optimistic that money savers would be willing to invest if they gain more confidence.

    Pakorn Malakul Na Ayudhya, chairman of the SET, said the SET has projected that about 20 new firms would be listed on the bourse in 2008 and between 30-40 in 2009. A total of 107 companies have applied to trade on the SET in order to enjoy tax reduction benefits before this year-end and they are expected to debut on the market in 2009. - (TNA)

    enews.mcot.net

  2. #2
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    ...theThai bourse still has bright prospects but has plunged about 28 per cent due to global financial crisis.
    Htf did he manage to deliver this with a straight face!

  3. #3
    I am in Jail

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    Has all the sophistication of a seventh grade class solution to the world financial crisis

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