January 2016 : Comments on Draft Constitution until 15/2/16 Comments on draft constitution until 15/2/16 Corporate income tax reduced to 20% Establishment of corruption court passed first reading Yingluck presented at first rice pledge trial 2016 GDP growth anticipates at 3.7% Winter rain increased water in 3 main dams NGV price floating Comments on the draft constitution until 15/2/16 On 29th January, the chairperson of the Constitution Drafting Committee Mr. Meechai Ruchupan announced the draft constitution was completed with a total of 270 sections and divided into 15 chapters as follow: Chapter 1. General Provisions Chapter 2 The King Chapter 3 Rights and Liberties of Thai People Chapter 4 Duties of the Thai People Chapter 5 Duties of State Chapter 6 Principles of State Policies Chapter 7 The National Assembly Chapter 8 The Council of Ministers Chapter 9 Conflict of Interests Chapter 10 The Courts Chapter 11 The Constitution Court Chapter 12 Independent Organizations Chapter 13 The Public Prosecutor Chapter 14 Local Administration Chapter 15 Amendment of the Constitution and Transitory Provisions Comments and recommendation can be submitted to the committee until 15th February 2016 and a countrywide referendum would soon be conducted. Corporate income tax reduced to 20% On 22nd January, the National Legislation Assembly unanimously passed the amendment of corporate income tax act with a principle to reduce the rate from 30 to 20 percent of net profit. Corruption Court Bill passed first reading On 14th January, the National Legislation Assembly passed its first reading of the Corruption Court Bill with principle to establish a special court on corruption cases. The corruption court will have two levels; the court of first instance and the appeal court. Prescription in law will be unlimited in case the defendants absconded and the court will be authorized to seize asset of the offenders. The first court is anticipated to be established in Bangkok in October 2016 and later in other provinces. Yingluck presented at first rice pledging trial On 15th January, the Supreme Court called its trial on the rice pledging case. The defendant former Prime Minister Ms. Yingluck Shinawatra was presented and the court set the hearing dates on 17 and 26 February and 4 and 23 March 2016. A total of 14 plaintiff’s witnesses will be testified and they are former president of TDRI Dr. Nipon Paopongsakorn, deputy director of the Office of the Auditor General of Thailand Mr. Prachak Boonyung and deputy permanent-secretary of the Office of the Prime Minister Mr. Jeerachai Moonthongroi etc. The plaintiff Attorney-General filed suit over her violation regarding to Section 157 of the Criminal Code and Section 123/1 of the Anti-Corruption Code B.E. 2542, of negligence to terminate the rice pledging scheme that caused a total loss of more than Baht 500 billion to the state. 2016 GDP growth anticipates at 3.7% On 28th January, the Fiscal Policy Office concluded economic growth in 2015 was 2.8% and anticipates reaching 3.7% in 2016. Positive factors are state expenditure and economic incentives to alleviate drought implemented in the last quarter of 2015. Tourism industry also contributed significant income and domestic consumption gradually improves. Inflation rate is minimal as well as the lowering petroleum prices. However, the global economy is decelerating and greatly impacted all trading partner countries resulted in a decline in export sector. Winter rain brought water to 3 main dams The Irrigation Department said the winter rainfall in January brought a total of daily 7 million cubic meter inflow to the 3 dams in the northern and north regions; Bhumipol dam 3 million, Sirikitti dam 3 million and Kwae Noi Bumrungdan 1 million, making a total water supply of 38,334 million cubic meter. Among these, 14,831 million cubic is usable and since a total daily demand is 17.90 million, therefore, there will be water for consumption until June. 2015/2016 off-season rice has been planting in a total of 1.77 million rai in which 700,000 rai is out of the irrigation area; therefore these area could face a shortage of agricultural water in the peak period, February-March. NGV allowed floating The Energy Ministry’s Energy Policy and Planning Commission resolver the NGV prices for vehicles should be allowed to float according to actual market price. This would be effective since 21th January 2016.