tax
- Politics News
Pheu Thai candidate Srettha sues over tax evasion allegations from Chuwit
In a recent turn of events surrounding the Pheu Thai Party, Srettha Thavisin, the prime ministerial candidate, commanded his legal counsel to start a legal battle against the well-known whistleblower Chuwit Kamolvisit. This move comes in response to allegations raised by Chuwit that Srettha was complicit in tax evasion incidents related to land acquisitions by the property giant, Sansiri Plc.…
- Business News
Italian banks face US$10 billion loss as new tax rattles market
An unforeseen tax on banks’ extraordinary profits, instigated by Italy’s conservative regime, has taken markets by surprise, causing an approximately US$10 billion decline in Italian lenders’ market value. The proclamation came late Monday night from Matteo Salvini, the Deputy Prime Minister, stating a 40% levy on excess gains from banks would be levied as part of a comprehensive decree ratified…
- Business News
Former Sansiri president ensnared in tax-minimising controversy
A tax-minimising strategy, alleged by Chuvit Kamolvisit to involve Srettha Thavisin, the former President of Sansiri, a development firm listed on the SET, appears to be a common practice amongst landlords seeking to reduce tax liabilities on land sales. Property DNA’s Managing Director, Surachet Kongcheep, observed that it is typical for landowners to aim to lessen tax payments attached to…
- Economy News
Thai finance chief cautions reform balance to prevent tax shock on economy
Krisada Chinavicharana, the permanent secretary at the Finance Ministry, sounded the alarm bell for the incoming government, stating that the proposed tax reforms aiming to bump up the revenue should not produce a shockwave effect on the economy. Currently, tax revenue stands at just 14% of the GDP, falling short of the expected 15% or 16%, Krisada said. He stated……
- Business News
Revenue department to use AI for virtual tax consultation with taxpayers
Plans are underway within the Revenue Department to employ online chatbots to provide virtual tax consultation for taxpayers. Director-General Lavaron Sangsnit confided that discussions have commenced with a notable tech entity, Microsoft Corp, concerning the integration of such programmed interactive platforms to offer simplified answers to tax-related queries. The objective of this manoeuvre, states the director-general, is to provide a…
- Business News
Thai government weighs extending diesel excise tax cut beyond July
The Thai government is considering extending the excise tax cut on diesel, which is set to expire on July 20. Prime Minister Prayut Chan-o-cha directed the Finance Ministry and other relevant agencies to evaluate the feasibility of prolonging the tax reduction. Energy Minister Supattanapong Punmeechaow revealed that the Finance Ministry has been tasked with determining the appropriateness of an extension.…
- Business News
Thailand set to exchange financial data to combat transnational tax evasion
The Revenue Department of Thailand is set to enhance its efforts to combat transnational tax evasion through the exchange of financial information, according to its director-general, Lavaron Sangsnit. Thailand joined the Global Forum on Transparency and Exchange of Information for Tax Purposes in 2017 and has since been working towards adhering to international standards for tax cooperation. The Convention on…
- Business News
Thailand sees tourist tax refund surge since reopening in June
Following Thailand‘s full reopening in June last year, the number of tourist tax refunds has surged, as reported by Revenue Department director-general Lavaron Sangsnit. The increase in foreign visitors is evident in the substantial rise in value-added tax (VAT) refund totals. In 2022, over 423,000 tourists received VAT refunds, totalling 1.2 billion baht. Between January and May 2022, there were…
- Business News
Bangkok governor urges land tax review as city revenues plummet
Bangkok Governor Chadchart Sittipunt has urged the incoming government to reevaluate the recently implemented land and building tax rules, as the city’s revenues have seen a significant decline since the new rates were introduced earlier this year. Previously, the Bangkok Metropolitan Administration (BMA) set the land and building tax rate at 12.5% of the income generated by a plot of…
- Business News
Thailand’s soaring household debt risks economic slowdown, warns NESDC
The National Economic and Social Development Council (NESDC) issued a warning concerning Thailand’s mounting household debt, stating that it could become a significant issue if the economy and employment rates decline. NESDC Secretary-General Danucha Pichayanan emphasised the need for debt restructuring alongside financial and fiscal discipline at both individual and corporate levels. During a press conference discussing the economic outlook…
- World News
Queen’s funeral costs taxpayers £162m amid cost-of-living crisis
The UK government has disclosed that the state funeral and related events for Queen Elizabeth II, who passed away last September, cost taxpayers almost £162 million (US$201 million). This is the first public estimate of the expenses associated with the funeral of Britain’s longest-serving monarch. The state funeral, held on September 19, required an extensive security operation to accommodate hundreds…
- Business News
Thailand Plus Package extension anticipated to attract 6 billion baht investment in three years
The Revenue Department anticipates that the tax measures designed to support the relocation of foreign investors’ production bases will generate investment of approximately 6 billion baht within three years, according to Deputy Director-General Vinit Visessuvanapoom. Visessuvanapoom explained that the cabinet has given its backing to an extension of the tax measures, also referred to as the Thailand Plus Package, which…
- Thailand News
Departure Tax: Thailand considers charging 1000 baht to leave country
Thailand‘s Revenue Department proposed that a 1000 baht “departure tax” be charged upon Thai citizens and foreign permanent residents in a bid to prevent excessive overseas spending. The idea has been met with resistance from tourism officials. Airline passengers would be charged 1000 baht to leave the country and those exiting via land and sea would be charged 500 baht…
- Business News
Thailand woos crypto companies with tax waiver
Thailand‘s Cabinet approved a tax waiver for cryptocurrency firms yesterday. The Cabinet decided that companies raising funds by issuing digital tokens for investment are exempt from paying corporate income tax and value-added tax (VAT), according to a government spokesperson. Once the new tax waiver is implemented, crypto companies can issue investment tokens in Thailand without any tax on primary or secondary…
- Business News
Taxes up, bribes down – Palang Pracharath Party wants venues to operate legally
The ruling Palang Pracharath Party’s Chaiwut Thanakamanusorn wants to make it easier for entertainment venues to operate legally. The Minister for the Digital Economy would like to see bars and clubs operate within the tax system, bringing in fiscal revenue and administration fees while reducing the scope for bribery. Chaiwut said on Sunday that Palang Pracharath members had agreed that…
- Hot News
Stock market share trades to be taxed in Thailand after being exempt for past 30 years
After being exempt for the past 30 years, the Thai cabinet has decided to make stock market share trades taxable. According to Thai PBS World, Finance Minister Arkhom Termpittayapaisith says that now all stocks that are traded on the market, whether at a profit or loss, will be subject to a financial transaction tax of .1%. He furthered that the…
- Transport News
AirAsia X disagrees with government’s proposed tourism fee
AirAsia X’s chief executive disagrees with the Thai government’s proposal of a tourism fee on flights. Tony Fernandes, the acting group chief executive of AirAsia X says, instead, that the government should bank on the influx of travellers as aiding the economy. He says the tourism fee would be a smaller impact on the economy than an increase in tourism.…
- Property News
Land and building tax payment extended by 3 months
The land and building tax payment schedule has been extended by 3 months to assist residents and business owners to navigate through difficult financial waters. The end of April deadline has been relaxed until the end of July. Interior Minister Anupong Paojinda says the extra time will allow taxpayers to pay without penalties, and those who have been fined will…
- Economy News
Large banana plantation near Bangkok goes viral, Thai netizens say owner wants to avoid land tax
One of the biggest exhibition centres and event venues, Impact Arena, in the central province of Nonthaburi, basically just north of Bangkok, is showing off its large banana plantation on their official Facebook page. The page claims the CEO desires to increase green spaces for people, but Thai netizens have figured out it’s just a way the controlling company is…
- Bangkok News
Bangkok to impose tobacco tax for the first time
Bangkok is planning to introduce a tobacco tax of up to 10 satang per cigarette, according to the Bangkok Metropolitan Administration (there are 100 satang in a Thai baht). The BMA announced this week that this will be the first time Bangkok will impose a tax on tobacco, which will push the price of cigarettes up by 1.86 baht per…
- Thailand News
Tampons reclassified as cosmetics bringing regulation, tax
In a story that 50% of people may find insignificant while the other 50% find it infuriating, Thailand has officially reclassified tampons as cosmetics. The plan had been in the works since last month, with Minister of Public Health Anutin Charnvirakul signing the original plan June 29, but today’s publishing in the Royal Gazette makes the plan official. The move…
- Best of
Top 5 Tax Firms in Thailand
As a busy professional, maintaining your tax affairs may not be at the top of your daily list. However, whether it be personal or professional wealth, completing your financial statements and complying with tax regulations is essential. This is complicated even further if you’re an expat living in Thailand as you’ll have to navigate an unfamiliar tax system in new…
- Tourism News
Jet fuel tax reduction extended again to aid airlines, tourism
A tax reduction, for jet fuel that has been in place to help the airline industry during the Covid-19 pandemic, has been extended until the end of 2020. With international travel decimated, this tax cut is aimed to help airlines stay afloat and get more customers with lower prices while travel figures are massively down. The extension was scheduled to…
- Thailand News
Where are Thailand’s bar girls? Up to a million people out of work | VIDEO
https://youtu.be/UD-ymVlW3PU We know about the challenges in Thailand’s hotel industry. We know about the grounded planes and the problems with aviation. We know about the vendors and the tour company employees who have survived on a steady flow of tourists for decades. But there is another hidden victim of the lockdowns and border closures, an industry which is the largest…
- Business News
Thai cabinet approves extension of jet fuel levy holiday
Whilst the current cheapest domestic air fares have been around the same prices they were before local airlines were grounded, there is a possibility of some more drops in your seat prices. Thailand’s budget carriers could be offering lower seat prices after the cabinet yesterday approved an extension of the jet fuel tax holiday. Thailand’s low-cost carriers have been slowly…
- Economy News
Budget airlines ask for lifeline, no answers from PM
No surprise that one of the biggest industries to suffer from the border closures and travel restrictions was the airlines. Whilst there has been a gradual reboot of domestic travel within Thailand, there is still a ‘fear’ factor and reticence to travel. And the carriers are restricted to the domestic routes and have lost an entire sector of their businesses…
- Economy News
Finance ministry to consider incentives to stimulate shopping, retail sector
Thailand’s finance minister says his ministry is ready to consider retailers’ proposals for tax breaks on shopping to stimulate domestic spending. The ministry has assigned related agencies, including the Fiscal Policy Office, the Revenue Department and the Excise Department, to examine the possibilities, Uttama Savanayana said yesterday. His remarks come after retailers asked the government to apply a shopping tax break…
- Economy News
Thai government to postpone tax increase on cheap cigarettes
The Thai government is expected to delay a planned tax increase on cheap cigarettes, as well as agreeing a moratorium on excise duties for entertainment and sporting venues, provided they don’t lay off any staff. Cigarettes costing less than 60 baht a pack were expected to see a tax hike of between 20-40% in October, but this is now being…
- Business News
Australian government takes on Google and Facebook over re-publishing ‘news’
A leading Australian consumer watchdog is calling for Google and other tech giants to pay Australian news outlets A$600 million (12.4 billion baht) a year under a new code of conduct ordered by the government. News Limited and Nine Entertainment have also voiced their support for the news ‘tax’. The Australia government announced plans to force Google, Facebook, and other…
- Tourism News
Minister proposes 300 baht tourist levy
It’s going to be challenging enough for both the Thai tourism industry and the travellers to get Thailand’s tourist wheels in motion again without a new levy being added as well. But now, the Tourism and Sports Ministry says they’re considering a new 300 baht tax from every foreign arrival. The reasoning is that the new levy would cover “pandemic…
- Crime News
Two women in Rayong fined 15 million baht each for ciggie smuggling
A Thai ‘auntie’ and her daughter from Rayong have been fined 15 million baht for smuggling 37 crates of cigarettes, valued around 200,000 baht, from Cambodia. 53 year old Pisamai and 34 years old Somradee tried to smuggle nearly 19,000 packets of cigarettes over the border. Investigators raided their apartment in Muang Rayong. They were caught red handed loading the cases…
- Thailand News
Fish sauce excluded from Thailand’s proposed tax on salty foods
PHOTO: Cook’s Illustrated Thailand’s Excise Department and Public Health Ministry is considering a levy on salty foods in an attempt to tackle the sodium-rich diets of Thai citizens, and the health consequences. The director general of the Excise Department, Patchara Anuntasilpa says the tax would be calculated based on the amount of salt in a product, with the proposal being…
- Business News
“Government stimulus package for Thai economy is unsustainable”
PHOTO: Wikipedia Anusorn Tamajai, an economist from Rangsit University, says he expects the proposed package to make little difference and has declared it unsustainable. The package, which should be approved this week, is worth 370 billion baht and includes cash handouts for farmers and low-income earners, grants for children, incentives for domestic travelers, and tax incentives for small businesses. It’s…
- Tourism News
100 baht tourist tax to cover basic insurance and repatriation
Every foreign tourist arriving or departing Thailand will be charged 100 baht for basic insurance which would cover money for emergencies and repatriation of their body if they meet with misadventure. As reported yesterday, the Thai Ministry of Tourism and Sports proposes that every foreign tourist visiting Thailand should be charged a levy to cover basic insurance and life insurance.…
- Tourism News
Ministry looks at tourist levy to fund infrastructure
A tourist levy is being considered amongst a raft of changes to improve the amenity of local tourist attractions. The Tourism and Sports Ministry is floating the initiative after the National Tourism Policy Act was enacted and published in the Royal Gazette this week, according to the Bangkok Post. The Ministry is now in talks with universities and insurance companies to research…
- Phuket News
4,600 million baht in assets seized from illegal tour company
The Anti-Money Laundering Office (AMLO) has seized 4,600 baht in assets from the OA Transport Company after a court judgement over their operations in Phuket and other provinces. At a media scrum held at the Police Region 8 headquarter in Mai Khao yesterday, officers made the announcements, led by Royal Thai Police Deputy Chief Gen Rungroj Sangkram, Secretary – General of…
- Business News
Government poised to cast tax net over online transactions
As the world continues its relentless move online, and away from traditional retail, governments are having to find new ways to track and tax online transactions. The Thai Revenue Department is poised to cast a wider net over online vendors and other businesses that have been evading taxes. The National Legislative Assembly (NLA) is soon to approve amendments to the…
