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SET attacks tax plan

BUSINESS: The president of the stock market has expressed disapproval of the Government’s plan to impose corporate tax on its income, given that the collection will increase its operating costs.

Friday 7 October 2011, 06:19PM


Securities Exchange of Thailand (SET) President Charumporn Chotikasathein said the SET’s current operation costs and earnings are not much different, and if the Government wants to collect tax from the SET, it must have additional measures to maintain its income-spending balance.

The idea was floated by Finance Minister Theerachai Phuwanartnaranubarn, Charumporn’s predecessor.

The SET Vice-President Chanitr Charnchainarong said taxation on the SET is an unprecedented idea and that it will bring more risk to the body.

Chanitr added that although the Thai stock market has plummeted recently, the establishment of a Stock Support Fund is still not needed, given that the fall is from investor concerns about the global economy.

He advised investors to place their importance on the outcome of the listed companies rather than external factors.

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Meanwhile, Managing Director of Asia Precision Public Limited Company Apichart Karunkornsakul said the Government’s planned cancellation of some tax incentives given by the Board of Investment will not have a retroactive impact on the projects the panel has already approved.

Apichat believes that only tax incentives for the industries not under the Government’s promotion plan will be abolished.

He added that the Government should continue its support of the auto-part industry, as the first-car tax rebate project is helping to spur market demand.

Apichart predicts the car market will grow more than 10 per cent next year and car output will exceed two million units. – TAN

 

 

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