Registration of new firms in 2016 to meet target

BANGKOK, June 18 (TNA) -- Commerce Ministry is optimistic that officially registered companies would meet the target of between 60,000 – 65,000 in 2016 due to improving economy and tax incentives offered by the Thai government, said Pongpan Jiarawiriyipan, director-general of the Business Development Department. Signs of improvement in the registration of new firms appeared in May when a total of 4,366 firms registered, up from 3,987 firms registered in April, said Ms Pongpan. Shut-down firms nationwide in May totaled 971, an increase of 74 companies that stopped operations in April, she said. During the first five months this year, a total of 25,876 new companies registered themselves compared with 26,396 firms that were registered during the same period in 2015, she said. It is hoped that new firms that would register would increase during the remaining of seven months of 2016, making new registered firms to meet target of between 60,000 - 65,000, said Ms Pongpan. The cabinet earlier gave an approval to offer tax incentives on investment in the country in which entrepreneurs could deduct the investment amount by double while the Revenue Department allowed a company registered under an individual name to switch to a registered ordinary company, enabling the owner to enjoy tax incentives. Also, the government spending on mega projects is another factor in driving the local economy this year. (TNA)