Cabinet approves scrutinised version of financial hub bill
Cabinet approves scrutinised financial hub bill, aiming to attract foreign financial firms and boost tax revenue, skilled workers, and infrastructure development.
The Cabinet has approved the financial hub bill, which has been scrutinised by the Office of the Council of State and will soon be tabled in the House, a senior Finance Ministry official said on Wednesday.
Pornchai Thiraveja, director-general of the Fiscal Policy Office, confirmed that the Cabinet approved the scrutinised draft on Tuesday.
The bill, proposed by the Finance Ministry, was initially approved by the Cabinet on February 4 and then submitted to the Council of State for review.
Pornchai, who also serves as the spokesman for the Finance Ministry, explained that the bill consists of 94 articles across nine chapters, with ten key points, as follows:
- The determination of the effective date of the law and legal definitions.
- The composition, qualifications, and powers of the regulatory and promotional committee for financial business hub operations.
- The establishment and powers of the Office of the Committee for the Regulation and Promotion of Financial Business Hub Services (One-stop Authority: OSA).
- The qualifications, selection process, appointment methods, and duties of the director responsible for managing the office.
- The types and scope of businesses eligible to apply for a business license.
- Guidelines for determining the location for business operations.
- The characteristics of legal entities wishing to apply for business operations, including criteria for mergers, transfers, and business termination.
- Benefits provided to business operators.
- Guidelines for the supervision and inspection of businesses.
- Penalties for business operators in the Financial Hub programme.
Pornchai stated that the bill is aimed at attracting foreign financial firms to Thailand, encouraging them to invest in setting up financial businesses, which would increase government tax revenue. The government also hopes the bill will attract skilled workers from abroad, promote knowledge transfer, and contribute to the development of financial infrastructure.
