Search Results for: tax deductions
- Business News
New tax deductions approved to boost secondary city tourism
The Cabinet yesterday approved measures aimed at boosting tourism in secondary cities during the low season. Deputy Finance Minister Paopoom Rojanasakul announced that the new measures target both companies holding seminars and individuals travelling for leisure. Companies can now deduct expenses from corporate income tax for seminar rooms, accommodation, transport, and other related costs for domestic seminars held for employees,…
- Business News
Tax deductions and returns: key investment options in Thailand
Shrewd investors actively seek opportunities that provide tax deductions while ensuring respectable returns. Within this context, three primary investment options demand consideration. These options comprise insurance, long-term funding, and savings through provident and social security fund contributions. Investment choices are manifold. Social Security Fund, for instance, offers a tax deduction equivalent to the amount paid, capped at 9,000 baht per…
- Tourism News
Tax breaks fall flat: Hoteliers sceptical of Thailand govt incentives
The hospitality industry in Thailand is abuzz as the government unveils a new policy aimed at boosting tourism in secondary provinces through tax benefits for hoteliers. But the response from hotel entrepreneurs has been lukewarm at best. According to the latest hospitality operators’ confidence index, a survey conducted by the Thai Hotels Association (THA) and the Bank of Thailand, 50%…
- Thailand News
Chaos in Pattaya: Motorbike taxi drivers tarnish tourist hotspot
Pattaya City and Banglamung district officials are grappling with a surge in incidents involving motorcycle taxi drivers, jeopardising the area’s status as a top tourist destination. Disturbing reports have surfaced, highlighting assaults on foreign tourists and harassment of individuals mistaken for ride-hailing service drivers. These altercations have frequently escalated into heated verbal confrontations and even physical violence. In response to…
- Business News
Thai govt unveils tax measures to spark tourism surge
The Thai Cabinet today approved a series of tax measures aimed at boosting domestic tourism during the low season, announced the deputy finance minister. These measures will be in effect from May to November and include tax deductions for companies organising conventions and seminars, according to Paopoom Rojanasakul. Further initiatives target increased domestic travel to secondary cities by allowing income…
- Thailand News
Thailand’s revamped tax system promises economic boost
In a bid to shield the public from economic turmoil, Thailand’s Finance and Interior Ministries have unleashed a slew of reforms, spearheaded by Paopoom Rojanasakul, secretary to the finance minister. Addressing a high-profile property seminar, Paopoom asserted that the proposed alterations to the land and building tax are geared towards bolstering collection efficiency and ensuring a fair tax rate. “We…
- Business News
Taxing times ahead: Employers must now e-file payroll returns
Vinit Visessuvanapoom, the Director-General of the Revenue Department, announced a new requirement for all employers to submit payroll tax returns electronically. The move is part of an effort to prevent fraudulent tax return forms. The director-general highlighted that before the department’s notification on income tax No.438, the electronic submission was voluntary. However, starting from January 1, 2024, all tax return…
- Business News
Vietnam aligns corporate tax with global 15% minimum to attract investors
Vietnam has adopted a resolution to equalise its corporate income tax with the globally accepted minimum of 15% for multinational corporations. This move is aimed at countering the global trend of countries competing to attract investors by lowering their taxes. The resolution was supported by a vast majority, approximately 94% of the National Assembly delegates, as per the legislative records.…
- 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……
- Hot News
Driving licence point deductions starting next year in Thailand
Driving licence point deductions will start next year in Thailand to help curb traffic violations and dangerous driving. Starting January 9, 2023, the Royal Thai Police and Land Transport Department will enforce the demerit point system. Each driving license holder will be given 12 points to start with but will be deducted for each violation they are caught committing. The…
- News
23 day tax break to stimulate economy
The Cabinet on Tuesday approved a 23-day tax break for consumers to boost shopping activities nationwide by an estimated 10 billion baht and stimulate the economy. The Finance Ministry will lose about 2 billion baht in personal income tax collection as a result of the campaign, but the retail and other sectors will probably gain a combined 10 billion baht…
- Business News
Phuket Business: US tax regime – Comply or else…
PHUKET: At a US tax seminar held last month at the Holiday Inn, Patong, by the American Chamber of Commerce (AMCHAM) Phuket Chapter, American income earners and business operators were given a comprehensive update about the US tax regime’s reporting requirements and regulations. Two previous articles about the seminar – published in the Business section of the Phuket Gazette on…
- Business News
Phuket Business: Midyear tax filing deadline tomorrow
PHUKET: Tomorrow, August 31, is the midyear tax return filing deadline for both companies and individuals who have generated income in Thailand during the first six months of 2012 – regardless of where or how payments were made. The Revenue Department website states: “A company [or individual] is obliged to estimate its annual net profit [or net income] as well…
- Business News
Phuket Business: Income tax filing: Part II
PHUKET: For anyone who generated income in Phuket or elsewhere in Thailand last year, regardless of where or how they were paid, the personal income tax filing deadline is March 31. However, since the last day of this month falls on a Saturday, the last opportunity to file on time will be Friday, March 30. In the first of two-article…
- Business News
Phuket business: Tax filing deadline approaches
PHUKET: For anybody who generated income in Thailand last year – regardless of where or how they were paid – the personal income tax filing deadline is March 31. In this two-part series, the Phuket Gazette will outline the need-to-know basics for filing personal income tax in Thailand. First, we will cover taxable income, deductions and tax certificates. In the…
- Thailand News
Siriraj Hospital to air programme for Prince Mahidol Day fundraising
Siriraj Hospital is set to broadcast a special television programme this Saturday, September 14, to honour Prince Mahidol Day, which is on September 24, encouraging public donations for a noble cause. Dr Apichat Asavamongkolkul, dean of Mahidol University’s Faculty of Medicine at Siriraj Hospital, highlighted that Prince Mahidol Day commemorates the late prince’s significant contributions to medical education in Thailand.…
- Business News
Thai Finance Ministry aims to increase mangosteen, longan prices
The Finance Ministry plans to support the purchase of mangosteens and longans at the beginning of the season, expected to run from July to August this year, to boost the prices of early-season produce. Finance Minister Pichai Chunhavajira announced that state financial institutions will be used to purchase the produce, ensuring favourable prices for agricultural products consistently. The government aims…
- Business News
Thailand disburses 3.48 trillion baht budget to boost economy
An injection of 3.48 trillion baht from the 2024 fiscal budget has finally been disbursed in the second quarter of this year, following delays that began on October 1 last year due to political setbacks after the General Election in May 2023. With economic growth stagnating, public expenditure is seen as a crucial factor to revive subdued private spending and…
- Thailand News
Thailand considers alcohol ban lift to boost restaurant spirits
The Government of Thailand is considering lifting the afternoon ban on alcohol sales to assist struggling restaurant operators amid an economic downturn. Representatives from the Restaurant Business Club submitted a letter to Prime Minister Srettha Thavisin, urging for measures to help restaurants survive the challenging economic climate. Restaurant operators highlighted rising operating costs and increasing prices of ingredients as major…
- Thailand News
Finance Ministry to launch new 100 billion baht investment fund
Plans are underway at the Finance Ministry to establish a new investment fund similar to the previous state-controlled Vayupak Fund, aimed at bolstering Thai shares with strong fundamentals. This initiative is expected to be finalised within two weeks. Finance permanent secretary Lavaron Sangsnit announced that the new fund is projected to attract a minimum of 100 billion baht into the…
- Thailand News
Thailand nears historic approval of marriage equality bill
Thailand is on the verge of making history by passing the Marriage Equality Bill, which is set to undergo its final round of Senate voting this month. If approved, the bill could come into effect by the end of the year, making Thailand the first country in Southeast Asia to endorse gender equality in marriage. Prime Minister Srettha Thavisin assured…
- Retire in Thailand
How long can your retirement funds last in Thailand
The process of retirement planning can often seem as challenging as traversing a labyrinth, particularly when contemplating relocation to Thailand. It is fundamental to garner an understanding of how your retirement fund will be managed in this idyllic island nation. In Thailand, retirement fund management is a methodical procedure involving multiple primary stakeholders, encompassing employers and employees, extending to authorized…
- Retire in Thailand
Why investment is crucial before retiring
When you are at the edge of those golden years of retirement. The thrill of wondering about financial security begins to take centre stage. Imagine, that your steady stream of income might be taking a bow, but what about your dreams and expenditures? They’re more alive than ever. Making smart investments before you hit retirement isn’t just a choice; it’s…
- Automotive
The hidden expenses of car ownership in Bangkok revealed
We all know that cars are expensive, but many are unaware of how much it really costs to own one. While many think fuel is the only cost to worry about, there’s actually a whole lot more to consider when it comes to owning a car in Bangkok. From maintenance to insurance, the hidden expenses can sneak up on you.…
- Thailand News
Thai teacher gets two years for false lottery ticket theft claim
A sensational lottery scandal in Thailand’s Kanchanaburi province ended yesterday with the sentencing of Preecha Kraikruan, a 56 year old local Buddhist teacher. The Kanchanaburi Provincial Court handed down a two-year incarceration sentence for falsely accusing a 68 year old retired law enforcement officer, Police Lieutenant Jaroon Wimool, of the theft of lottery tickets that won a 30 million baht…
- Automotive
Are hybrid vehicles the smart choice for Thailand’s future mobility
In Thailand, the discussion surrounding hybrid vehicles is intensifying with each passing day. There’s widespread acknowledgement of their potential benefits: enhanced environmental friendliness, reduced fuel expenditure, and a representation of the future in automotive technology. However, the question remains whether hybrid vehicles genuinely represent the optimal choice for Thai motorists. It is imperative to scrutinize both the facts and misconceptions…
- Business News
Thailand incentivises companies to go green with EV conversion
The Thailand government confirmed yesterday that measures have been approved to encourage companies to convert their commercial fleets of large trucks and buses to battery electric vehicles (EVs). This move aims to increase the adoption of EVs and support companies in achieving their net-zero targets. In addition, cash grants will be provided for EV battery cell manufacturers. These policies are…
- Thailand News
KTC reports robust growth, launches Thailand’s first digital credit card
KTC, the leading credit card service provider in Thailand, reported a robust growth in its operations for the year 2023. The company revealed a surge in card spending exceeding its initial target by over 10%. Continuing its growth trajectory into 2024, KTC maintains its previous growth target of 15%. Currently, KTC holds a 12% market share in the total card…
- Economy News
Thailand tackles household debt crisis: doubts over effectiveness
To tackle the escalating household debt crisis in Thailand, the government has launched a series of measures aimed at combatting informal debt and loan sharks. However, researchers and industry leaders have voiced concerns about the effectiveness of these measures, urging the government to address the root cause of the problem by ensuring fair income distribution and creating high-income employment opportunities.…
- Business News
Invest in foreign bonds, REITs, healthcare, and tech stocks for 2024, advises Tisco bank
Tisco Bank’s Head of Wealth Advisory, Nattakrit Laotaweesap, advises investors to focus on foreign bonds, real estate investment trusts (REITs), and healthcare and technology stocks in the next year as a safeguard against potential downturns. The global economy’s pace is anticipated to decelerate next year due to the impact of tighter monetary policies, which could result in a potential downgrade…
