The Cabinet met on Tuesday, February 9, 2016 at Command Building I, Government House. Some of the resolutions are as follows;
Title: Tax measure to promote Thai Gems and Jewelry Industry [Draft Royal Decree Issued under the Revenue Code on Exemption of Value Added Tax (No. …) B.E. ...; Draft Royal Decree Issued under the Revenue Code on Revenue Exemption (No. …) B.E. ...; and Draft Ministerial Declarations (No. ...) B.E. … Issued under the Revenue Code on Income Tax]
The Cabinet agreed and approved proposals made by Ministry of Finance as follows:
1. The Cabinet approved Tax measures to promote Thai Gems and Jewelry Industry.
2. The Cabinet approved in principle 3 concerned Draft documents and had them forward to Office of the Council of State for its deliberation:
2.1 Draft Royal Decree Issued under the Revenue Code on Exemption of Value Added Tax (No. ...) B.E. ...., which is the exemption of value added tax imposed on import or selling of diamond, gem, ruby, emerald, topaz, garnet, opal, sapphire, zircon, chrysoberyl, jade, pearl and unpolished similar gems, excluding artificial or synthetic products. VAT exemption is provided for importers or sellers who pay personal income tax.
2.2 Draft Royal Decree Issued under the Revenue Code on Revenue Exemption (No. …) B.E. ...., which is the exemption of income tax for individuals earning from selling of diamond, gem, ruby, emerald, topaz, garnet, opal, sapphire, zircon, chrysoberyl, jade, pearl and unpolished similar gems, excluding artificial or synthetic products and has been deducted of withholding tax.
2.3 Draft Ministerial Declaration (No....) B.E. .... Issued under the Revenue Code on Income Tax, which is the revision of Ministerial Declaration No. 144 (B.E. 2522) issued under the Revenue Code on Income Tax, to impose withholding tax for calculated income, exclusively for the income from purchasing gems in certain cases.
Title: Revision of tax collection from property funds [Draft Royal Decree Issued under the Revenue Code on Exemption of Value Added Tax (No. ...) B.E. ....; Draft Royal Decree Issued under the Revenue Code on Implementation of Activities Exempted from Specific Business Tax (No. ...) B.E. ...; and Draft Royal Decree Issued under the Revenue Code on Revenue Exemption (No. …) B.E. ...]
The Cabinet agreed and approved proposals made by Ministry of Finance as follows:
1. The Cabinet agreed to the revision of tax collection from property funds [revocation of exemption of value added tax, specific business tax and revenue stamp).
2. The Cabinet approved in principle to 3 concerned draft Regulations and had ordered for the 3 draft Regulations to be forwarded to Office of the Council of State for its deliberation:
2.1 Draft Royal Decree Issued under the Revenue Code on Exemption of Value Added Tax (No. ...) B.E....
2.2 Draft Royal Decree Issued under the Revenue Code on Implementation of Activities Exempted from Specific Business Tax (No. ...) B.E....
2.3 Draft Royal Decree Issued under the Revenue Code on Revenue Exemption (No. …) B.E....
1. To revoke exemption of value added tax, specific business tax and revenue stamp for mutual funds established under Securities and Exchange Act B.E. 2535 as follows:
1.1 Property Fund Public Offering (1)
1.2 Property Fund for Resolving Financial Institution Problems (2)
1.3 Mutual Fund for Resolving Financial Institution Problems (3)
1.4 Property and Claims Fund (4)
2. To take effect after one year from the date of Royal Gazette Publication
The Cabinet reviewed conditions of Policy Loan based on its resolution on June 16, 2015, and agreed to modify the conditions from accepting requests on the date the Cabinet approved until December 31, 2015, or until the budget limit is reached, to accepting requests on the date the Cabinet approved until June 30, 2016, or until the budget limit is reached as proposed by Ministry of Finance.
Ministry of Finance reported that as of December 31, 2015 which was the deadline of the Policy Loan, Small and Medium Enterprise Development Bank of Thailand (SME Bank) had approved 4,689.75 million Baht in loan to 1,344 SMEs entrepreneurs. Loan disbursement is a total of 3,078.08 million Baht, and the project’s total balance is 10,310.25 million Baht. With this balance, in order to provide support to SMEs entrepreneurs to get access to financial resources, Ministry of Finance agreed to extend the project period from accepting requests on the date the Cabinet approved until December 31, 2015, or until the budget limit is reached, to accepting requests on the date the Cabinet approved until June 30, 2016, or until the budget limit is reached. The extension will be under existing budget framework that has been approved by the Cabinet on June 16, 2015.
The Cabinet agreed to Thailand’s Dialogue Framework of WIPO Inter-governmental Committee on intellectual Property and Genetic Resources, Traditional Knowledge and Folklore (WIPO IGC) for 2016-2017 as proposed by Ministry of Commerce.
Objectives of Thailand’s Dialogue Framework of WIPO IGC for 2016-2017 are as follows:
1. Dialogue Framework of WIPO IGC on Genetic Resources aims to seek directions to protect, promote and defend the rights of genetic resources’ owners.
2.Dialogue Framework of WIPO IGC on Traditional Knowledge aims to seek directions to protect, promote and defend the rights of the owners of traditional knowledge in social, economic, ethical, and cultural aspects.
3.Dialogue Framework of WIPO IGC on Cultural Expressions aims to seek directions to protect, promote and defend the rights of the owners of cultural expression in social, economic, and cultural aspects.
Title: Request for approval on draft document for US- ASEAN Leaders Summit
The Cabinet agreed on proposals made by Ministry of Foreign Affairs as follows:
1. The Cabinet agreed on the draft US- ASEAN Leaders Summit outcome document, the Sunnylands Principles, and authorized Prime Minister or his representative to endorse the draft document.
2. Should there be any amendment in part which benefit the relations, if not affecting gist of the document or the benefit of Thailand, Ministry of Foreign Affairs is authorized to proceed and propose to the Cabinet accordingly with explanation on Thailand’s interests from the amendment.
Ministry of Foreign Affairs reported that the Sunnylands Principles would be issued as the outcome document of the US-ASEAN Leaders Summit, which is to be held on February 14-15, 2016. The Sunnylands Principles will underscore ASEAN and US intent in supporting and promoting strategic partnership.
--Cabinet Meeting (Prayut Chan-o-cha) February 9, 2016--