Boost for South
The Cabinet had approved tax breaks and financial assistance to boost the economy in the five southern provinces, Deputy Prime Minister and Finance Minister MR Pridiyathorn Devakula said yesterday.
It includes a reduction of corporate income tax from 30 to 3 per cent, effective from January to December 31, 2009, he said after a Cabinet meeting. It covers Pattani, Yala, Narathiwat and some districts of Songkhla and Satun. Specific taxes levied on property transactions will also be cut. The tax rate will be cut from 3 per cent to 0.1 per cent, while the transaction fee is to fall from 3 per cent to 0.01 per cent. Income tax derived from property transactions is also waived. The Commerce Ministry will also reduce the fee for business registration by half. The government will partially compensate private companies' insurance premiums derived from the risk of terrorism. The central bank will give soft credits and the Labour Ministry will allow more foreigners to work in these provinces.
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