Tax evaders and forgetful businessmen beware
Just give the tax man all your money and leave quietly
The Revenue Department and the Chiang Mai Chamber of
Commerce recently organized a “Tax up-to-date 2005” seminar. The
objective was to inform business managers about new rules and regulations
for paying taxes and easier management of business funds, to comply with the
standards of money balance, and to pay taxes correctly.
Rangkhasiri, deputy director of the Revenue Department presides over the
opening ceremony of the ‘Tax up to date 2005’ seminar.
Sathit Rangkhasiri, deputy director of the Revenue
Department, presided over the opening ceremony on March 4 at Chiang Mai
Thongchai Wongrianthong, Chiang Mai deputy governor,
stated that this was the second seminar, striving to continually improve the
cooperation between government, Revenue Department, and the Chamber of
He added that all citizens have to pay taxes because it
is needed for developing the country and supporting the politicians in the
style to which they had grown accustomed. The tax paying method has changed
due to new technologies, such as pay via the Internet, so the seminar was
organized to create some understanding concerning new rules and regulations
for paying tax. If the businessmen could reform the tax paying system, the
business capital could be reduced, too.
Sathit Rangkhasiri demonstrated the new form that the Revenue Department
had provided for paying through the Internet. This is easier, he claimed,
than using the former general form. The new form needs only some information
to compute and it informs of the law concerning paying taxes. It is also
linked to other departments so that Big Brother can watch all your cash
movements. Waiting in a queue is not necessary.
Northern economy has its ups and downs
The Bank of Thailand (BoT), Northern Region, reported
that the economy in the North slowed in January 2005. Private consumption
expanded, due to an increase in agricultural product costs. In the
construction sector, investment increased, especially for household
construction. However, industrial production, especially export
productivity, slowed because of a decreased overseas demand.
Service activity was affected by the natural disaster in
the Andaman Sea and resulted in a reduction in foreign tourist arrivals.
Confusingly, the BoT reported that Thailand arrivals showed an overall
increase. The establishment of a number of low cost airlines and additional
flights boosted air travel by 7.2 percent but hotel and restaurant occupancy
rates decreased by 13 and 5.8 percent. Hotel average room rates increased by
25 percent due, ostensibly, to renovated rooms but probably due to an
attempt to take advantage of the season and increased foreign travel to the
The northern region labor force stood at 6.8 million with
only 1.7 percent unemployed.
Inflation fell but commercial bank deposits appeared to
accelerate. The trade balance registered a surplus of USD 74.5 million,
compared with a surplus of USD 57.5 in the previous year.
Consumer confidence index falls for eighth month running
Thailand’s consumer confidence index dropped for the
eighth consecutive month in February due to continuing fears over fuel
prices, the director of the University of the Thai Chamber of Commerce’s
Economic and Business Forecasting Centre, Thanawat Polvichai announced last
The February statistics put the consumer confidence index
at 92.9 points, down from 94.6 points in January, while the overall economic
confidence index fell from 90.9 points to 88.7 points. Thanawat said that
last month’s figures marked the 14th consecutive month in which the
consumer confidence index had remained below 100 points and the eighth
consecutive fall, indicating continuing disquiet over the economic
He also noted that the confidence of consumers in the
future situation slumped from 93.5 points in January to only 91.6 points in
February, a result he attributed to the rising prices of diesel and
gasoline, and concomitant fears over increases in the prices of goods.
Other factors affecting consumer confidence were the
southern insurgency, avian flu and the last December tsunamis, he added,
warning that these factors could work to dampen consumer confidence until
the middle of this year.
Nonetheless, he pointed to a number of positive factors,
including the landslide general election victory which enabled the ruling
Thai Rak Thai (TRT) Party to form a single-party government, as well as
government investment in mega projects.
In order to boost consumer confidence, he advocated that
the government made payouts from the central budget according to schedule,
and worked to ensure the stability of the Thai currency. At the same time,
he warned the government not to make excessive increases in fuel prices,
with the price of diesel capped at no more than 16.59 baht per liter. But he
expressed certainty that the Thai economy would grow by 5.2.-5.7 percent
this year, with a trade surplus of around US$2.3 billion and a current
account surplus of USD3 billion. (TNA)