Property tax delayed over bill dispute. The government has decided to postpone enforcement of the land and buildings tax law for one year after the Council of State expressed a different view on taxation of unused land. The delay until 2018 follows disagreements between the Finance Ministry and the government’s legal advisory body, said Finance Minister Apisak Tantivorawong. (Bangkok Post, 20/11/16)
NESDB puts GDP growth next year at 3-4 per cent. Export rebound, stronger agriculture sector expected. Gross domestic product is expected to grow by 3.0-4.0 per cent next year mainly from an export rebound, a rise in agricultural production, and strong tourism, according the National Economic and Social Development Board. (The Nation, 22/11/16)
Cabinet okays B13bn handout. The cabinet yesterday approved 12.8 billion baht in handouts to help low-income earners in the latest government bid to boost consumption. (Bangkok Post, 23/11/16)
Holiday tax break redux considered. The government is considering its old trick of spurring a shopping spree by offering tax breaks worth up to 15,000 baht during the year-end holidays, says Deputy Finance Minister Visut Srisupan. (Bangkok Post, IQ Biz, 25/11/16)
Three Thai airlines face CAAT clampdown. Three Thai-registered airlines are experiencing a financial crunch after their operations were severely affected by a sharp drop in Chinese tourists. The Civil Aviation Authority of Thailand (CAAT) ordered the three airlines to devise financial rehabilitation plans in response. The number of tourists from mainland China to Thailand has fallen significantly after the government launched a major crackdown on zero-dollar tour scams in September. (Bangkok Post, 21/11/16)
Fed’s Bullard leaning toward supporting December rate hike. Federal Reserve policymaker James Bullard is leaning toward supporting an interest rate increase in December, he said on Friday, adding that a plethora of potential changes under incoming president Donald Trump could affect future policy. St. Louis Federal Reserve President Bullard said the debate is now shifting toward the Fed’s rate path in 2017 and how Trump’s policies on taxes, infrastructure, spending and regulation will affect growth, productivity and ultimately Fed policy. (Reuters, 18/11/16)
China: Value of trade and services grow in 9M16. The spokesman of Chinese Ministry of Commerce stated that the value of trade and service in Jan-Sep grew 21.4% YoY to reach 3.8trn yuan (US$5.6trn). This was driven by government support of the services sector. (IQ Biz, 21/11/16)
US existing home sales hit more than 9.5-year high. The National Association of Realtors said on Tuesday existing home sales increased 2.0 percent to an annual rate of 5.6 million units last month, the highest level since February 2007. September’s sales pace was revised up to 5.49 million units from the previously reported 5.47 million units. (CNBC, IQ Biz, 23/11/16)
ECB warns that risks of global market corrections have ‘intensified’. The increasing political uncertainty across advanced economies is risking the stability of the euro zone, the region’s central bank warned in a new biannual report on Thursday. The uncertainty surrounding upcoming key referendums and elections across the 19-member euro zone bloc, along with expected policy changes in the U.S. raise inflation and growth challenges for euro area countries, the European Central Bank (ECB) said. Such uncertainty could lead to global asset market corrections, it stated. (CNBC, IQ Biz, 25/11/16)
Japan’s CPI Falls Again, Extending Longest Streak Since 2011. Consumer prices excluding fresh food, the Bank of Japan’s primary gauge of inflation, dropped 0.4 percent in October from a year earlier (forecast -0.4 percent.). (Bloomberg, IQ Biz, 25/11/16)
