In Thailand’s Economic Projection for 2013 (as of March 2013), Mr. Somchai Sujjapongse, director general of the Fiscal Policy Office, announced that the Thai economy in 2013 is expected to grow steadily, by 5.3 percent (the average of the expected range of 4.8 – 5.8 percent). This projection is an increase from the December 2012 projection of (5%) due to an expansion in domestic spending, especially goods consumption, the main driver of the economic expansion. Private consumption Mr. Somchai indicated, was expanding due to the measure to increase income, such as the increase in the minimum wage to 300 baht nationwide and the rice-pledging project.
An article written by Fabian Doppler has been published in the Phuket News and subsequently posted on Thaivisa.com (by admin staff of Thaivisa). The article was very well received with 67 (very positive) replies and so far more than 10,000 views. Please see the respective link as follows:
We are proud to announce that FRANK Legal & Tax Ltd. is now a member of the German-Thai Chamber of Commerce (GTCC).
The GTCC, located in Bangkok, promotes bilateral economic relations between Germany and Thailand since fifty years and is one of the biggest foreign chambers of commerce in Thailand.
On 27 March 2013, her Excellency Prime Minister Yingluck Shinawatra addressed members of the joint foreign chambers in Thailand and gave a keynote speech during a luncheon at Sheraton Hotel, Bangkok. The topic of her speech was “Foreign Investment in Thailand and the Kingdom’s Strategy towards ASEAN Liberalization in 2015”.
Following a controversial debate, the Thai Board of Investment (“BOI”) has decided to postpone the implementation of a new BOI policy which was scheduled to be announced in March and to come into effect in June this year.
We are proud to announce that FRANK Legal & Tax Ltd. is now a member of the International Business Association Phuket (IBAP).
Our lawyers have been working with IBAP and attending their monthly events for many years, and we are happy to now be member again with the new outfit FRANK Legal & Tax.
On 18 December 2012, the Thai cabinet approved reductions of the personal income tax rates, to take effect in the beginning of the fiscal year 2013.
The previously five income tax brackets are being expanded into now eight brackets by adding tax rates of 5%, 15%, and 25%. The top marginal tax rate decreases slightly, from previously 37% to now 35%. This applies for net taxable income of THB 4 million or more. The tax exemption for low salaries of less than THB 150,000 remains as it is.
This is the first major change of PIT rates since approximately 20 years. According to the Bangkok Post, details of the new tax rates are as follows:
According to reports by “The Nation”, Thai listed property firms will announce investments totaling at least Bt150 billion in each of the next two years, with 216 residential projects expected to be launched during 2013.