Thailand’s Deputy Finance Minister Julapun Amornvivat has called for a comprehensive dialogue among relevant state agencies regarding the casino initiative. He anticipates that this discussion will conclude by mid-October.
According to the Bangkok Post, the focus of the talks will be on the tax collection mechanism, especially in light of the restrictions imposed by the State Fiscal and Financial Disciplines Act, which mandates adherence to specific guidelines.
Under this act, tax collection is the responsibility of the Customs, Revenue, and Excise departments within the Finance Ministry. Consequently, the task cannot be assigned to a separate committee, contrary to previous proposals made by the House.
In response to the House’s suggestion of establishing a new fund to assist individuals facing gambling issues, Julapun indicated that further discussions are needed, as current regulations prohibit ministries or agencies from creating redundant funds.
The Deputy Minister emphasized that the entertainment complex project is open to all private investors interested in participating. Therefore, once the entertainment complex bill receives approval from the House, the government will need to establish clear regulations to oversee business operations. This process, he noted, may take considerable time to finalize.
As previously reported, the entertainment complex draft bill suggests that tax rates would be set at 17 percent of gaming revenue, while casinos must be part of a wider integrated resort that offers at least four other entertainment businesses. These may include restaurants, amusement parks, department stores, hotels, and areas for promoting Thai culture.
Meanwhile, Maybank Securities forecasted earlier in April that Thai entertainment complexes featuring casinos could yield approximately THB 187 billion ($5.14 billion) in annual revenue, equivalent to roughly 1 percent of Thailand’s GDP.
Welcoming major entertainment corporations
On Tuesday, Deputy Finance Minister Julapun Amornvivat also expressed the attitude that major entertainment corporations are welcome in the country.
He noted that Walt Disney and Universal Studios are encouraged to establish a presence in Thailand once the bill is approved, provided they adhere to the necessary processes in a transparent manner. It is crucial to assess the project comprehensively to mitigate any potential negative impacts on the economy and society.
