POST Online Media Lite Edition



 

Thai government preparing set of measures to boost EEC

Staff writer |
In an attempt to accelerate the Eastern Economic Corridor (EEC) project, the Thai government is preparing to issue a new law.




The law would exempt personal income tax for investors, allowing the use of US dollar for business transaction and to find appropriate locations for investors, the Thai News Agency (TNA) reported.

Kan Trakulhoon, chairman of special economic zone working committee for investment in the eastern seaboard said, while visiting China's Shanghai city, that the Thai cabinet had approved the EEC project in principle while his committee is expected to spend about three months studying details of the project.

A draft law on the EEC project will then be forwarded to the cabinet for its consideration, said Kan.

He said that it is agreed initially to offer a personal income tax exemption or a collection of 10 per cent tax at maximum from investors and senior researchers, both local and foreign, in the three eastern provinces including Chachoengsao, Chon Buri and Rayong.

Other benefits which are expected to be offered include a five-year long work permit, finding appropriate locations for industrial sectors to induce local and foreign investors.

Investment in the area is projected to be divided into three categories including an industrial, basic infrastructure and city developments.

Talks too have been held with the Bank of Thailand which would allow investors within the EEC to pay in the U.S. currency and also permitting foreign banks to set up branches.

On the current development of U-Tapao Airport which cradles Chon Buri and Rayong provinces, Kan said the new passenger terminal is now complete and it can accommodate about three million passengers a year, compared to between 700,000 - 800,000 passengers previously.

It is projected that the number of passengers using the airport would hit 10 million in the next four-five years.


What to read next

Japan approves $130 billion fiscal stimulus
South Korea bans Thai airlines over safety concerns
Thailand, Myanmar sign visa-free agreement