Business travel remains an often-overlooked market compared to the more marketable leisure travel segment, despite it packing greater dollar per day spending rates compared to other tourism subsectors. Business travel spending accounted for 23.4% of the travel and tourism industry’s contribution to GDP in 2015, which was valued cumulatively at $1.1trn for the year, according to data from the World…
Concerted efforts from both the public and private sectors over the past two decades have fuelled the rise of a tourism industry that has grown into one of the country’s strongest sustainable economic contributors. Although other industries such as the automotive sector create more export value, tourism provides additional benefits in that many tourist activities are conducted in an environmentally…
In spite of all the technological gains agriculture has made over the years, crop output from season to season still ultimately depends upon the forces of nature. The often dramatic production fluctuations witnessed every year around the globe are most often the result of favourable or inclement weather patterns rather than any man-made or controllable factor. For Thailand, a successful harvest is…
Thailand has long been a pre-eminent producer and exporter of rice, and the crop has become so important that it has surpassed its role as a lucrative export product and domestic food staple to become an influential social and political component. Powerful Commodity From an economic perspective, rice is one of the most significant commodities in the agriculture sector, as the second-most valuable…
The main body of tax law in Thailand is the Revenue Code. Taxes under the Revenue Code are primarily collected under a self-assessment system, whereby taxpayers take responsibility for correctly filing their tax returns and paying taxes. The Revenue Department administers the Revenue Code and enforces compliance with the law through regular tax audits. Taxpayers can ask the Revenue Department for…
In 2015, Thailand introduced two new programmes to help make it an economic hub of Asia and boost its competitiveness under Royal Decrees No. 586 and 587: the International Headquarters and International Trading Centre. These programmes are comprised of incentive packages offered by the Revenue Department and the Board of Investment (BoI). International Headquarters Thailand defines an international…
In Thailand, business organisations can be divided into two types: non-profit organisations and business organisations. Non-profit organisations have to register under the Civil and Commercial Code, and are divided into associations and foundations. Associations can conduct any activity that is ongoing and not conducted for the purpose of profit. Foundations consist of property allocated specially…
Investors with adaptable business plans will find that establishing or expanding their business in one of Thailand’s recently designated special economic zones (SEZs) will allow them to assemble the most valuable package of governmental incentives. In addition to the incentives offered by the Board of Investment (BoI) and the Revenue Department, the Industrial Estate Authority of Thailand (IEAT)…
Thailand’s rail sector is set to experience significant changes over the next decade, with new lines scheduled to be built in as soon as three years. The lines will be high speed or near high speed and connect most corners of the country, including its industrial areas and ports. Most notably, they will link the country with its neighbours, including Cambodia and Myanmar, and also increase connectivity…
In recent years, Thailand has established one of the more liberal air markets in the region, if not the world. It has permitted foreign carriers virtually unrestricted access to its gateway airports, and it has allowed for almost unlimited “beyond rights” for foreign carriers seeking to use Bangkok for services to onward destinations. As a result of these policies, traffic has grown rapidly and…
