“Pichai” discusses with OECD Secretary-General and joins the group of members under the 5-year framework.

"Pichai" discusses with OECD Secretary-General to prepare to join the group of members under the 5-year framework, pushing for BOI law to accept new tax rules, expected to be issued next year. Mr. Mathias Cormann, Secretary-General of the Organisation for Economic Co-operation and Development (OECD), met with Mr. Pichai Chunhavajira, Deputy Prime Minister and Minister of Finance, before traveling to meet Ms. Paethongtarn Shinawatra, Prime Minister at noon today (30 October). Mr. Pichai said after the discussion that from the discussion, Thailand still has many tasks to complete within the 5-year period before officially joining the OECD, both in terms of laws and various practices that must be in line with OECD standards, especially in terms of tax policies. The Board of Investment (BOI) is currently preparing tax measures to comply with the new OECD tax rules, which have announced an agreement on a 15% global minimum corporate tax rate for multinational companies worldwide. It is expected that the BOI bo ard meeting on November 1, 2024 will discuss such measures as early as this year. 'The tax issue is necessary because Thailand will have to comply with the new tax rules that charge 15% to large companies because the original BOI measures provided tax exemptions, but in the end, those companies had to pay taxes at the source. Therefore, we would like to set new rules with the BOI, such as if investing in developing human skills or developing green technology, there are measures to help. It will be issued as a law that is ready to be enforced in 2025,' said Mr. Pichai. Mr. Pichai said that in terms of growth and potential of the Thai economy, from the discussion, it was seen that the economies of many countries around the world have been affected by the COVID-19 situation. Therefore, the recovery in the next phase must be efficient and of high quality. The OECD also has examples of developed countries that Thailand can exchange ideas and working methods with. 'Today, we cannot stay the same. We must stay ef ficient and of high quality. The consistent ideas and working methods of member countries will help facilitate exchanges and benefit Thailand, which has problems with working and has many overlapping problems with government expenses. In all of these matters, we have a lot of work to do according to our work goals over the next 5 years,' said Mr. Pichai. Source: Thai News Agency