Rethink urged on proposed tax on overseas income
Rethink urged on proposed tax on overseas incomeMr Trawut recommends any tax on investment in foreign stocks be clearly defined to ensure fairness for all investors. The government is being recommended to review foreign income tax collection as a new tax will affect many retail investors who have invested overseas, says Jitta Wealth Asset Management. Jitta chief executive Trawut Luangsomboon said the Revenue Department should reconsider its plan to require those with income from abroad to include their assessed income in the calculation of personal income tax. "If the department collects tax on investments in foreign stocks, small investors would be affected more than wealthy investors," said Mr Trawut. He suggested the government also exempt capital gains tax for investments in foreign stocks, as such tax is now exempted for investing in local stocks.
Source:Bangkok Post
September 21, 2023 08:45 UTC
AirAsia adds a new route to India
Buy Sompo insurance and win bigSompo Insurance (Thailand) recently organised the "Tiew Laew Tiaw Eek Season 2" campaign to encourage Thais to travel. Sompo Insurance has a special promotion for purchasing Sompo TravelJoy online. The first winner will be announced on Nov 3 and the second on Jan 5, through the Sompo Thailand Facebook page at facebook.com/SompoThailand. The Pink Palace Experience. The Pink Palace Experience is one of The Cultural District's seven museums and is first and foremost a celebration of rose wine.
Source:Bangkok Post
September 21, 2023 01:12 UTC
Value of country's digital industry up 14% to B2.6tn last year
Value of country's digital industry up 14% to B2.6tn last yearThe value of Thailand's digital industry in 2022 reached 2.6 trillion baht, up 14% from 2021, according to a joint survey and assessment regarding the status of the country's digital industry in 2022 carried out by the Digital Economy Promotion Agency (Depa) and the IMC Institute. The country's digital industry includes five main sectors: software; hardware and smart devices; digital services; telecommunication; and digital content. It has been predicted that the value of the digital services industry will surge to 454 billion baht in 2025. This included imports valued at 438 billion baht, up 13% from 2021, and exports worth 993 billion baht, up 19.4% from 2021. The significant increase in income of the digital industry and related businesses is driven by the digital transformation process in Thailand.
Source:Bangkok Post
September 20, 2023 23:48 UTC
Baht tumbles to 10-month low, hurt by high oil prices
(Photo: Pornprom Satrabhaya)The baht fell to a 10-month low on Wednesday, while stocks and bonds also slid under foreign selling pressure, with investors worried that high oil prices and government spending plans would widen the country’s current account deficit. The baht slid 0.6%, its second day of decline and marking its lowest level since Nov 10. Oil prices retreated from 10-month highs on Wednesday but have risen 10% this month. Poon Panichpibool, markets strategist at Krungthai Bank, said soaring oil prices had prompted some commodity-related players to purchase dollars, and if oil prices were to march higher, that could fuel concern about the country’s current account. “Thai bonds have sold off on worries of greater bond issuance to fund the fiscal stimulus.
Source:Bangkok Post
September 20, 2023 18:09 UTC
Figuring out how to entice the Chinese
The Thai cabinet recently approved a visa exemption for Chinese nationals for five months, covering both the National Day holiday in October and the Chinese New Year in February next year. The Chinese tourism boom years occurred when the country was buoyed by the commercial success of a Chinese movie. This year Chinese tourism to Thailand was again affected by a movie, but this time it had a negative impact. He said while a weak economy will undoubtedly limit the number of Chinese willing to spend abroad, few criminal cases occurred in Thailand the past few months involving Chinese tourists. During the five-month visa exemption, an estimated 1.9-2.8 million Chinese travellers are expected to create revenue of 92-140 billion baht.
Source:Bangkok Post
September 20, 2023 17:56 UTC
Thaksin had surgery last week, now recovering, says daughter
(Photo: Varuth Hirunyatheb)Former prime minister Thaksin Shinawatra has undergone surgery and is in the process of recovery according to his daughter Paetongtarn, who said on Tuesday she does not know how long he must remain in hospital. Thaksin had the operation last week and had yet to recover. A chief physician at Police General Hospital on Tuesday confirmed Thaksin had undergone surgery. Asked for a comment about a lese majeste case concerning Thaksin, Ms Paetongtarn said that resulted from a misunderstanding. However, he was sent from Bangkok Remand Prison that same night to Police General Hospital for health reasons.
Source:Bangkok Post
September 20, 2023 05:04 UTC
Possible dumping of Chinese steel investigated
Commerce ministry says it sees ‘sufficient evidence’ of attempts to avoid anti-dumping dutyHot-rolled coil produced by G Steel and GJ Steel factories in Thailand. (Photo: G Steel)The Ministry of Commerce has launched an investigation into imports of Chinese rolled steel for evading anti-dumping measures. The investigation includes hot-rolled steel sheets in coil and non-coil form from 17 manufacturers in China, according to a ministry statement published on Sept 15. The Iron and Steel Institute of Thailand recently called on the new government to help the industry given its strategic importance to the economy. He urged the new government to enforce the Anti-Dumping and Anti-Circumvention Act to prevent companies from allegedly adding alloys to hot-rolled steel coil, aimed at avoiding the law against imported hot-rolled coil.
Source:Bangkok Post
September 20, 2023 04:36 UTC
Canada warns India to treat Sikh slaying allegation seriously
Canada warns India to treat Sikh slaying allegation seriouslyIndian Prime Minister Narendra Modi and Canadian Prime Minister Justin Trudeau met in September 2023 in New DelhiOTTAWA - Prime Minister Justin Trudeau on Tuesday demanded that India treat with "utmost seriousness" Canada's allegations of New Delhi's possible involvement in the slaying of a Sikh exile, a concern echoed by Washington. The government of Indian Prime Minister Narendra Modi said the leader had "completely rejected" Canada's assertions in the unsolved slaying. "We are deeply concerned about the allegations referenced by Prime Minister Trudeau," National Security Council spokeswoman Adrienne Watson said in a statement. - Sikh nationalism -An activist for the creation of a Sikh state known as Khalistan, Nijjar was wanted by Indian authorities for alleged terrorism and conspiracy to commit murder. Relations between Canada and India have been strained in recent months since the assassination of the Sikh leader and demonstrations that followed in Canada.
Source:Bangkok Post
September 19, 2023 21:11 UTC
Cabinet nod for cheaper electricity
Cabinet nod for cheaper electricityThe cabinet on Monday acknowledged the Energy Ministry's plan to cut electricity bills by another 11 satang per unit, said government spokesman Chai Watcharong. Deputy Prime Minister and Energy Minister Pirapan Salirathavibhaga informed the cabinet of the plan to lower the power tariff from 4.10 baht per unit to 3.99 baht during the meeting, he said. At the Sept 13 meeting, the cabinet agreed to reduce the electricity price from 4.45 baht per unit to 4.10 baht starting from this month's billing onwards, Mr Chai said. Prime Minister Srettha Thavisin then assigned Mr Pirapan to devise measures to reduce electricity bills and energy prices as quickly as possible, he said. Mr Pirapan discussed the issue with the Energy Regulatory Commission and reported to the cabinet that the electricity price could be cut to 3.99 baht per unit starting in this month's billing, according to the spokesman.
Source:Bangkok Post
September 19, 2023 11:37 UTC
Soaring rice prices sow hope - and trouble - for indebted farmers
Soaring rice prices sow hope - and trouble - for indebted farmersSripai Kaeo-eam, 58, a farmer who is struggling to repaying her loans, poses in front of her rice field during an interview with Reuters in Chai Nat province, Aug 30, 2023. The handouts came in place of boosting agricultural research spending, which hammered productivity, the experts said. Successive governments have spent 1.2 trillion baht on price and income interventions for rice farmers in the last decade, estimates Mr Somporn. Governments largely steered clear of market interventions until former prime minister Yingluck Shinawatra in 2011 rolled out a scheme that paid rice farmers above-market rates for their crop, both experts said. "We got trapped in our success," he said, underlining a drop in rice research investment from 300 million baht a decade ago to the 120 million baht allocated for this year.
Source:Bangkok Post
September 18, 2023 23:23 UTC
Govt to tighten tax rules on overseas income to aid economy
Govt to tighten tax rules on overseas income to aid economyThailand will tighten loopholes in its tax rules on overseas income, as the new government seeks to lower income inequality as well as raise revenue to pay for measures to stimulate the economy. The finance ministry last week issued the stricter rule on overseas income, Prime Minister Srettha Thavisin told a business forum on Monday. The Revenue Department announced on Sept 15 that local residents who earn income from abroad will be subject to personal income tax regardless of the tax year in which the money is earned, according to a report by Krungthep Turakij newspaper. The previous rule allowed residents with foreign income to be taxed only if the money is remitted into Thailand in the same year in which it was earned. The tighter measure is meant to close the loophole of people deferring transfer of their overseas income to a different year.
Source:Bangkok Post
September 18, 2023 17:00 UTC
Thailand eyes India to boost tourism recovery
Thailand eyes India to boost tourism recoveryThe government is eyeing holidaymakers from India, including those wanting to get married in Thailand, to boost tourism. (File photo supplied)Prime Minister Srettha Thavisin is eyeing holidaymakers from India to boost tourism days after the nation unveiled visa waivers for travellers from China and Kazakhstan starting next week. The visa waiver programme is expected to bring in 35 billion baht from Chinese tourists, Mr Srettha said during the forum. Thailand has welcomed 18.5 million foreign tourists so far this year with as many as 28 million expected by the year-end. Revenue from foreign travellers totalled 775 billion baht as of Sept 11, according to the tourism ministry.
Source:Bangkok Post
September 18, 2023 15:36 UTC
PM supports new Chiang Mai airport, around-the-clock flights
PM supports new Chiang Mai airport, around-the-clock flightsPrime Minister Srettha Thavisin, centre, visits Chiang Mai airport on Sunday. (Photo: Panumet Tanraksa)CHIANG MAI: Prime Minister Srettha Thavisin supports the Airports of Thailand (AOT) plan to build a second airport for Chiang Mai in seven years and welcome flights at the existing airport around the clock to serve the growing demand of visitors to the northern tourist province. Representatives of AOT presented its second Chiang Mai airport project when the prime minister visited Chiang Mai airport on Sunday. Prime Minister Srettha said that the seven-year timeframe was appropriate and officials concerned should ensure the new airport will be completed as scheduled. Pending the new airport, AOT plans to welcome flights around the clock.
Source:Bangkok Post
September 17, 2023 18:34 UTC
The gangsters in police uniform
During the party, Mr Praween argued with Sivakorn, before his aide shot Sivakorn in front of everyone. In the ensuing chaos, Mr Praween and the gunman fled in a car with a police escort. Amid a public uproar, Mr Praween was arrested and denied bail, the gunman was killed extrajudicially and Sivakorn's superior committed suicide. The latest developments have the media and public attention focusing on Mr Praween's business, while police have now declared war against local gangsters. Highway police corruption is a small part of the underground economy from which cops benefit from protection money.
Source:Bangkok Post
September 17, 2023 05:49 UTC
Fair Party ‘willing to welcome Padipat’
(Photo: Pornprom Satrabhaya)The Fair Party says it is ready to welcome Padipat Suntiphada if the Move Forward MP is forced to leave his party in order to keep his job as the deputy speaker of the House of Representatives. Kannavee Suebsaeng, the secretary-general and only MP of the Fair Party, was responding on Saturday to speculation about the future of Mr Padipat once Move Forward is officially declared the lead party in the opposition. The Fair Party MP said he had held personal talks with Mr Padipat when they met at parliament. If Mr Padipat is expelled from the party, he will have 30 days to find a new home. Mr Kannavee said the Fair Party was ready to help, and he believed the six-member Thai Sang Thai Party would also open all doors for Move Forward.
Source:Bangkok Post
September 17, 2023 02:05 UTC