Connect with us

Business

Government poised to cast tax net over online transactions

The Thaiger

Published 

 on 

Government poised to cast tax net over online transactions | The Thaiger
  • follow us in feedly

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 Revenue Code.

The amendment, which won 139 votes out of the 240-member NLA, will require banks and other financial institutions to report money transfers worth more than 2 million baht per recipient, per year, to tax authorities.

The Nation is reporting that the Deputy Finance Minister Wisut Srisuphan says the amendments will help the Revenue Department collect taxes for goods and services sold online, as sellers have been evading tax payment due to the use of electronic money transfers.

According to the proposed amendments, banks will have to report transfers totalling more than 400 transactions and worth over 2 million baht per year to the Revenue Department so authorities can investigate to see if these vendors paid taxes properly.

The Revenue Department had found it difficult to levy income and other taxes on e-commerce sites and online vendors due to a lack of information.

Most online vendors are individuals with no physical outlets, who sell their products via social and digital platforms. Buyers generally transfer money for the goods via banks’ electronic payment service, so authorities have found it difficult to follow up on tax collection.

According to the Revenue Department’s data, Thailand has 10.7 million citizens aged 30-39, of which 8.2 million are salaried workers, while the rest are self-employed. However, a large number of the self-employed do not pay taxes.

Thailand also has some 640,000 enterprises registered as ‘juristic persons’, of which only about 420,000 have filed tax returns.

But some NLA members are voicing opposition to the amendments, citing potential negative effects on other people, including NLA members, who themselves receive their meeting allowances via bank transfers.

Voraphol Sokatiyanuluk, an NLA member, said there were already other laws that empowered the Revenue Department to investigate tax evaders, so this amendment was unnecessary.

He added that the new requirements put additional burdens on financial institutions, as they will have to report transactions to the authorities.

ORIGINAL STORY: The Nation

Keep in contact with The Thaiger by following our Facebook page.
Never miss out on future posts by following The Thaiger.

Pattaya

Pandemic has washed away Pattaya’s “soapy” massage parlours

The Thaiger

Published

on

Pandemic has washed away Pattaya’s “soapy” massage parlours | The Thaiger

While the Covid pandemic has hit Thailand’s businesses hard, it has also washed away its not-so-legal soapy massage parlours after tourism has dried up its clientele. Such places, known as glorified brothels, have left many masseuses out of work as boards have barricaded the once booming establishments.

Soapy Massage (àap-òp-nûat, อาบอบนวด, literally bath, steam, massage)…
These are the bigger massage parlours where girls are presented in the fishbowl and you get the full program (including sex) for a fixed price, depending on the girl starting from 1,500 and up to 5,000 Baht.

Only a few of the soapy services have survived the pandemic in Pattaya, with Honey Massage Parlour being one of them, according to The Pattaya Mail. After adjusting to the new requirements for social distancing, the business has re-opened on November 19. However, its largest shop has closed, once known as Honey 1 on Soi Honey, or Soi 11, the windows are dark and barricaded. Honey Inn is also up for sale.

25 year old masseuse Maywadee, says she used to work in such parlours where she would get a cut of the 1,500 to 2,500 baht fee. She says she used to see up to 7 clients a day, but now that number has been cut in half as Chinese and Japanese tourists, who were her largest group of customers have dwindled. Now, she is thinking about heading back to her home city of Chiang Mai, to sell handicrafts, as her Pattaya income has dried up.

Such parlours feature masseuses that are usually not native to the area, as many come from lower socio-economic areas such as Thailands northeastern provinces, otherwise known as Isaan. Many make the trip to tourist-driven cities like Pattaya, Koh Samui, Bangkok and others, in an attempt to make a higher salary than they would if they were back in Isaan.

SOURCE: The Pattaya Mail

Keep in contact with The Thaiger by following our Facebook page.
Never miss out on future posts by following The Thaiger.
Continue Reading

Business

Bank of Thailand takes action to curb Thai baht’s strength

The Thaiger

Published

on

Bank of Thailand takes action to curb Thai baht’s strength | The Thaiger

The Bank of Thailand has moved forward measures, originally meant to begin early 2021, but most of which will now take effect from end of this month. The end result is that the new rules will make it easier for Thais to shuffle money overseas and invest in foreign assets. It will also make is easier for Thai citizens to hold foreign currency in local banks. The new rules will also require the registration of local and overseas bond investors.

“Following the U.S. elections and positive news on Covid-19 vaccine development, investors have turned toward investing in emerging markets, including Thailand. The situation has resulted in strengthening the baht quickly and can impact economic recovery.”

“The registration of bond investors will allow close monitoring of investor’s behaviours and thereby enable the implementation of targeted measures in a timely manner.”

Last week the Bank of Thailand assessed that the Thai baht’s recent rapid gains could affect the country’s “fragile” economic recovery. The Thai government has called on the central bank to do its best to use what tools it has at its disposal to restrain the baht to protect exports.

Khoon Goh, head of Asia research at ANZ Banking Group, says that he central bank also will continue to resort to direct intervention in foreign-exchange markets.

“The issue here is that local investors have a very strong home bias. Making it easier to invest overseas may not actually encourage them to do so.”

The Thai baht has been the 2nd best performer in Asia this month after foreign investors turned net buyers of almost $2.4 billion of bonds and stocks as appetite returns for riskier emerging-market assets amid a weak dollar, according to Bloomberg.

The Thai baht had recently rallied 8.8% from this year’s low in April, hitting a 10 month high last week.

SOURCE: Bloomberg

This morning, Thai time…

Bank of Thailand takes action to curb Thai baht's strength | News by The Thaiger

Keep in contact with The Thaiger by following our Facebook page.
Never miss out on future posts by following The Thaiger.
Continue Reading

Technology

Hotel investment group launches world’s first “green” hotel fund

The Thaiger

Published

on

Hotel investment group launches world’s first “green” hotel fund | The Thaiger

Destination Capital, a hotel investment group in Bangkok, has announced that it will launch the world’s first ever “green” hotel fund. The fund will acquire hotels and implement sustainability systems and procedures to promote long term environmental and financial sustainability in investments using the EDGE certification programme. EDGE, an online platform, is an innovation of the International Finance Corporation, which helps property developers to build and brand “green” establishments in a fast and affordable way. EDGE is used by more than 170 countries and reportedly has kept almost 230,000 tonnes of carbon dioxide annually from entering the atmosphere.

DC’s fund, titled Descap I, is part of its efforts to acquire freehold, 4 star hotels in prime destinations all over Thailand. James Kaplan, the CEO of DC, says he sees opportunities to renovate hotels to accommodate “green” technology and systems due to the current Covid pandemic that has ravaged the tourism sector in the kingdom.

“Destination Capital’s adoption of the EDGE certification program will provide the Descap I with the opportunity to gain a competitive advantage by differentiating our products and improving carbon emissions of the hotels.”

“If there is one thing we have learned during Covid-19 it is that the environment and nature recover quickly from poor resource management practices. Our participation in EDGE will serve to encourage the hospitality industry to adopt best practices with respect to better managing our scarce resources, raise broader consciousness about global warming and stem the tide of environmental degradation. We will implement operational elements to reduce water consumption, reduce waste emissions, reduce electricity use, and to the best of our ability eliminate plastic usage.”

Descap I, is a Thai Private Equity Trust. The company partners with Private Equity and Institutional Funds to source hotel acquisition opportunities and manage assets in the Asia Pacific region, turning its main focus to Thailand.

SOURCE: Pattaya Mail

Keep in contact with The Thaiger by following our Facebook page.
Never miss out on future posts by following The Thaiger.
Continue Reading
Thailand News Today | Army deny Twitter spin, “Don’t Reopen”, English proficiency low | Nov 27 | The Thaiger
Thailand3 days ago

Thailand News Today | Army deny Twitter spin, “Don’t Reopen”, English proficiency low | Nov 27

Thailand News Today | Shots fired, the yellow ducks, “no coup” promise | November 26 | The Thaiger
Thailand4 days ago

Thailand News Today | Shots fired, the yellow ducks, “no coup” promise | November 26

Thailand News Today | No vaccine, no flight, protest latest, smoking ban | November 25 | The Thaiger
Thailand5 days ago

Thailand News Today | No vaccine, no flight, protest latest, smoking ban | November 25

Thailand News Today | Holiday road toll, protests tomorrow, GDP recovery | November 24 | The Thaiger
Thailand6 days ago

Thailand News Today | Holiday road toll, protests tomorrow, GDP recovery | November 24

Thailand News Today | Dinosaurs in BKK, BOT tackles Baht, Special K isn’t special | November 23 | The Thaiger
Thailand7 days ago

Thailand News Today | Dinosaurs in BKK, BOT tackles Baht, Special K isn’t special | November 23

Thailand News Today | Bangkok exodus, Pattaya air pollution, Vaccine next month? | November 20 | The Thaiger
Thailand1 week ago

Thailand News Today | Bangkok exodus, Pattaya air pollution, Vaccine next month? | November 20

Thailand News Today | Protests to escalate, Domestic violence, Tourist visa exemptions? | Nov 19 | The Thaiger
Thailand2 weeks ago

Thailand News Today | Protests to escalate, Domestic violence, Tourist visa exemptions? | Nov 19

Thailand News Today | Emergency Decree, Protesters shot, Baht boost temporary | Nov 18 | The Thaiger
Thailand2 weeks ago

Thailand News Today | Emergency Decree, Protesters shot, Baht boost temporary | Nov 18

Thailand News Today | Protesters v Police, Quarantine reduction, VietJet passenger arrest | Nov 17 | The Thaiger
Thailand2 weeks ago

Thailand News Today | Protesters v Police, Quarantine reduction, VietJet passenger arrest | Nov 17

Thailand News Today | The RCEP reset, Hotel Talkfest, Protesters to be arrested | November 16 | The Thaiger
Thailand2 weeks ago

Thailand News Today | The RCEP reset, Hotel Talkfest, Protesters to be arrested | November 16

Thailand News Today | Coconut Business, Weekend protests, Pork dressed as Beef | November 13 | The Thaiger
Thailand2 weeks ago

Thailand News Today | Coconut Business, Weekend protests, Pork dressed as Beef | November 13

Thailand News Today | More Thai Airways debt, Korean soldier, TripAdvisor warning | November 12 | The Thaiger
Thailand3 weeks ago

Thailand News Today | More Thai Airways debt, Korean soldier, TripAdvisor warning | November 12

Thailand News Today | PTT pays out, Revised visa requirements, Protester’s asylum | Nov 11 | The Thaiger
Thailand3 weeks ago

Thailand News Today | PTT pays out, Revised visa requirements, Protester’s asylum | Nov 11

Thailand News Today | Thai official positive, Head-butt latest, protest letters | November 10 | The Thaiger
Thailand3 weeks ago

Thailand News Today | Thai official positive, Head-butt latest, protest letters | November 10

Thailand News Today | Golf STVs, Russian head-butted, protest latest | Nov 9 | The Thaiger
Thailand3 weeks ago

Thailand News Today | Golf STVs, Russian head-butted, protest latest | Nov 9

Follow The Thaiger by email:

Trending