Bangkok, 8 Oct. – The Treasury Department summarized the hearing of opinions and prepared to present to the Cabinet for consideration of the ‘Entertainment Complex’.
Mr. Pornchai Thiravet, Director of the Fiscal Policy Office (FPO), said that after the FPO opened for public hearings on the drafting of the Integrated Entertainment Business Act B.E. … from August 2-18, 2024 to listen to opinions from relevant government agencies and private sectors, including the general public, via the FPO website and the central system of the Digital Government Development Agency (Public Organization), focusing on collecting data from organizations and individuals who expressed their opinions and suggestions, and submitting them to the Ministry of Finance for consideration according to the procedures, including changing the name to “Draft Integrated Resort Act” to promote tourism, resulting in a positive image for the project, determining the structure and management of the Integrated Entertainment Policy Committee, chair
ed by the Prime Minister, with Deputy Prime Ministers as vice-chairmen, and no more than 6 qualified members to set policies for all integrated entertainment venues, including overseeing management, preventing, resolving, or mitigating impacts, determining the number of licenses and operating areas, as well as criteria and conditions for requesting permission and terminating integrated entertainment venues, types of businesses that may operate, opening and closing times, and shareholder criteria. Consideration of renewal or revocation of licenses, etc. In the hearing of opinions, it was stated that the committee has too much power. It should be assigned to the executive board or the criteria for operating a full-service entertainment venue should be clearly defined in the draft bill.
In conducting business in the integrated entertainment venues, there is a proposal to specify entertainment businesses according to the list attached to the Act, at least 9 types, consisting of the following types of businesses:
(1) department stores, (2) hotels, (3) restaurants, nightclubs, discotheques, pubs or bars, (4) sports stadiums, (5) yacht and cruise clubs, (6) gaming venues, (7) swimming pools and water parks, (8) amusement parks, (9) areas for promoting Thai culture and OTOP products, (10) other businesses as determined by the Policy Committee.
In terms of tax collection, it is proposed to exempt value-added tax (VAT) for operators, and income tax should not be collected from both Thai and foreign players. The exemption of corporate income tax for licensees in the first 10 years. In terms of selection and shareholding ratio of licensees, fair auctions should be held and foreign investors will be allowed to invest. Thais should hold at least 30-51% of shares so that private companies in Thailand can earn income. The license for entertainment business should be set for a full range of businesses. Some see it as 10 years, while others see it as 30 years, renewable for another 30 years, or 50-60 years. These are not yet conc
lusive. There are no more than 3-7 licensees. The area with licenses, such as in Bangkok, should not exceed 2-3 licensees and outside Bangkok, should not exceed 5-7 licensees.
The location and collection of casino entrance fees must be clearly specified in the Act, such as being located outside of Bangkok and its vicinity to distribute income. It should be distributed to regions with potential to promote tourism, such as Phuket, Chiang Mai, Chonburi, Rayong, Hua Hin, or Bangkok. The casino entrance fee for Thais is 1,000-2,000 baht. Over the next 10 years, the same rate nationwide. As for the casino service area, it should account for 5-20% of the total entertainment complex area. It should be open 24 hours a day. Other types of gambling should be allowed, such as boxing, horse racing, and types of casinos. Comparable to other countries.
There is also a proposal to set up a fund to alleviate social impacts, with measures to prevent the entertainment complex from becoming a source of money laundering for the
grey group, with guidelines to prevent social problems, gambling addiction, family breakups, crime problems, and national peace and order. When the Finance Minister has considered it, he will present it to the Cabinet meeting for consideration, and several more steps must be taken. Therefore, pushing for the Entertainment Complex will take some time. -515 – Thai News Agency
Source: Thai News Agency