The Stock Exchange of Thailand has announced that the government has agreed to extend a corporate tax break for new listings for an additional year until the end of 2006.
The decision to extend the deadline, which was initially set for December 31, 2005, has come about after discussions between the TSE and the government's Revenue Department, at which it emerged that the number of new companies which started trading on the exchange this year had fallen below target.
The tax break, which has been in place since 2001 and is designed to attract more new listings to the Thai bourse, allows firms to pay pay corporate tax at a rate of 20% compared with the standard rate of 30%.
About 20 companies have started to trade on the exchange during the current year, including some which gained the regulators’ approval last year. This compares with 50 new listings for the whole of 2004, and is well below the 100 new listings that were being expected for 2005.
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