Thailand climbs up WEF Global Competitiveness ratings

Thailand climbed up the 2018 World Economic Forum global competitiveness index 4.0 rankings to 38th out of 140 nations, up 2 slots from the previous year. The Index 4.0 measures national competitiveness -- defined as the set of institutions, policies and factors that determine the level of productivity -- and captures determinants of long-term economic growth. Thailand came in 14th in the financial system and 18th in market size Thailand continues to improve with its ongoing changes easing regulations and red tape but needs to improve in four areas to boost competitiveness; economic institution development and property rights protection and law enforcement; quality improvement of manufacturing and services; education development; and innovation development.

According to AirBnB Bangkok was the second most popular destination for Chinese tourists during the Chinese New Year holiday period. Thai AirBnB hosts saw 44,000 guests, a 50 percent jump year on year, netting 186 million baht. Globally AirBnB saw a 100 percent rise in guest arrivals from China during the period. Chinese millennials make up the vast majority of those booking through AirBnB with 80 percent born in the 1980s and 1990s. Around 60 percent booked for three or more people.

The Treasury Department is ready to launch a new land appraisal system that will be used to compute land and building tax. The change in prices of land and buildings after the 2018 changes in the land appraisal price system was a contributing factor in the new system. Normally the changes are announced every four years but the tax will change the way the Treasury Department appraises land prices by replacing block areas with land parcels to make evaluation of property tax fairer. First time home owners of homes valued less than 50 million baht will be exempt and land and buildings used for residences with appraisal prices of up to 50 million baht will be taxed at a rate of 0.02%, those valued at 50-75 million baht will be taxed at 0.03%, values of 75-100 million baht will be taxed at 0.05% and for 100 million baht and above at 0.1%. Those who own only the house and not the land will be taxed only on the value of their home over 10 million baht.

Work Permit

Any foreigner working in Thailand must obtain a Work Permit before beginning work. While a prospective employer may file an application on the foreigner’s behalf in advance of his starting work, the actual Work Permit will not be issued until the foreigner has entered Thailand in accordance with the immigration laws and has presented himself to receive his Work Permit.

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