Stats show business is booming

PHUKET: Business in Phuket is booming this year, if the latest figures from the Provincial Revenue Office and the Commercial Registration Office are any guide. Statistics covering the tax collected in the first 10 months of the 1999/2000 tax year show that the number of businesses paying tax has risen by 10.91% and that they are making money – the total tax paid by these businesses has soared by a spectacular 55.14%, from 317 million baht to 492 million baht. At the end of July this year, there were 5,991 registered businesses in the province, a 13% increase on the same time last year. In the first seven months alone, 474 new businesses were registered at the Phuket Commercial Registration Office, a 20% increase on the 395 registered in the same period last year. Offsetting the taxman’s gains in company profit taxes was a drop of 22.34% in personal income tax collected, from 559 million Baht to 434 million Baht. This is despite the fact that the number of people paying income tax was almost the same as last year. Possibly, this indicates that higher-paid employees have been leaving to set up their own businesses, and are being replaced by lower-paid staff. Veerachai Tantiwathanavallop, Director of the Phuket Commercial Registration Office, says there is a continuing boom in the property sector, with some 60 real estate companies being registered in the first six months of this year. “Property always tops the list of business registrations, and most of these new companies are created by foreign investors, to allow foreigners to buy property.” He added, “This boom in real estate businesses is to fulfill foreigners’ demands for homes in Phuket.” Major growth was also seen, predictably, in the tourism sector, with a continuing spate of registrations of hotels, travel agencies, dive shops, bars and restaurants. Internet and computer companies also registered a hefty increase, with 35 new companies registered in the first half, up by half on the 22 registered in the same period in 1999.