HEADLINES [click on headline to view story]: 

BOT to revise economic growth estimate if government cuts VAT

Hard Rock Hotel Pattaya announces appointments in Sales Department

Board of Investment Committee listens to local industries facing problems

BOT to revise economic growth estimate if government cuts VAT

Bank of Thailand’s Governor M.R. Pridiyathorn Devakula has conceded the bank might need to revise its economic growth estimate this year if the government decided to cut the value-added tax (VAT).

He said the bank forecast that this year’s economy would grow 3.5-4.5% on the assumption that VAT stood at 7% at present.

The projection was made without an expectation that the government would adjust the tax rate. So, should the rate be adjusted, the economic growth estimate must be revised.

The BOT chief said the government’s decision to cut VAT would help boost people’s spending significantly, which could contribute to the further growth of the country’s economy.

On the progress in the early debt repayment with the International Monetary Fund, M.R. Pridiyathorn said the schedule remained intact as the first of the four installments would be repaid on February 14.

He reiterated the early debt repayment had already factored in the possible impact from a war in the Middle East. (TNA)

Hard Rock Hotel Pattaya announces appointments in Sales Department

The general manager of the Hard Rock Hotel Pattaya, Andrew Khoo has appointed Surapat Vongprateep to senior sales manager and Kriengsak Hansa to sales manager.

Senior Sales Manager Surapat Vongprateep

Sales Manager Kriengsak Hansa

Surapat Vongprateep carries his bachelor degree in Hotel Management from the Rangsit University and continued his study at Westminster College, England, in Hotel & Catering Management.

Surapat has an extensive hotel background in top class hotels including outside of Thailand such as Salzburg Sheraton Hotel in Austria, the Pan Pacific Hotel in Singapore and the Kensington Close Hotel in London. In Thailand, he used to work with the Dusit Thani Hotel, the Regent Bangkok and the Westin Banyan Tree where he was the assistant sales manager prior to joining the Hard Rock Hotel Pattaya.

Kriengsak Hansa earned his bachelor degree from the Dhurakijpundit University in Hotel and Tourism Management and he flew to Melbourne, Australia, to continue his study in the Victoria University, International Trade.

Kriengsak worked with the Grand Hyatt Erawan Bangkok for 5 years. Prior to joining the Hard Rock Hotel Pattaya, he worked at the Hotel Plaza Athenee.

Board of Investment Committee listens to local industries facing problems

Songklod Kaewvisit & Veerachai Somchart

Last week, Sophon Petsawang, chairman of industrialized business operators assistance committee and committee members organized a meeting with 100 representatives from Chonburi and Rayong.

Industrialized business operators assistance committee chairman Sophon Petsawang (inset) met with local big business to discuss government policies concerning local production concerns.

Problems discussed during the meeting included the 150 to 18,000 baht annual fees that the government collects from operators, which many think should be directed to a local living standard improvement plan.

Also discussed was the issue of horsepower - under current BOI and Ministry of Industry regulations, business operators in a number of sectors are limited to using machinery not exceeding 500 horsepower when producing. The restrictions were put in place to control environmental conditions. However, although there are over 300 operators not authorized for installing machines with over 500 horsepower, around 50% of investors require stronger, more powerful machinery for product manufacturing.

Representatives urged authorities to allow or authorize the use of 5,000-horse power machines without going through the bureaucratic processes which are often long and drawn out. Problems related to tax returns, public facilities, labor, and environment were also discussed during the session.

Sophon said the committee was elected by Industry Minister Somsak Thepsutin, firstly to revise income tax, import tax, VAT, loan agreements, and other tax computations, and secondly to improve the efficiency and reduce government red tape in order to attract more foreign investors.

The government recently provided 2 billion baht in aid to over 10,000 operators in 9 provinces that are faced with technical and skill difficulties: Chonburi, Rayong, Chantaburi, Trat, Samutprakarn, Srakaew, Prachinburi, and Chacheongsao.