Finance Ministry
- Money
Rich rewards offered for info on currency counterfeiters
With large numbers of fake banknotes now circulating in Thailand, especially in the north of the country, the Digital Economy and Society Ministry Saturday announced a counterfeit rewards system for those canny enough to spot the fakes and turn them in. If you come up with information on counterfeit banknotes, you can expect to be rewarded with up to 100,000…
- Tourism
THAI needs to raise 10 billion baht as part of its restructuring plan
Thailand’s State Enterprise Policy Office (SEPO) announced Thai Airways (THAI) needs to raise 10 billion baht to ensure the company’s shareholding does not dip below 40%. The Finance Ministry, THAI’s biggest shareholder with a 47% stake, revealed plans are already underway to raise the finances and preserve its shareholding in the company. SEPO Director General Pantip Sripimol reported that the…
- Thailand
Court clears THAI for takeoff, as it doubles Aussie flights
Thai Airways (THAI) received a much-needed boost today when the Central Bankruptcy Court approved the airline’s request to overhaul its recovery plan. The news comes on the back of a THAI announcement that passengers increased by 80% this month and plans to double flights to Melbourne, Australia, in December. Thailand’s national flag carrier was told by the court to carry…
- Economy
Finance Ministry expected to adjust 2022 economic forecast from next month
The Finance Ministry will adjust the 2022 forecast for Thailand’s economic growth to focus on the rise in both inflation and energy prices, from next month. According to an unnamed Bangkok Post source, the ministry is concerned about the impact Russia’s invasion of Ukraine will have on overseas arrivals this year. At the start of the year, the ministry had…
- Thailand
Poverty rising during pandemic, 15 million expected to be on welfare by 2022
Thailand’s poverty rate has been increasing during the pandemic. According to the deputy Finance Minister, the number of Thais receiving state welfare is expected to increase by over 1 million, totaling around 15 million people. Based on Worldometer statistics, this means that next year over 21% of the population will be on welfare, or around 1 in 5 people in the…
- Thailand
Government wants 76 billion baht to support rice farmers
The Finance Ministry has announced a plan to use a 76 billion baht package to support Thai rice farmers. The ministry is working with the Budget Bureau to create a scheme that ensures a guaranteed income for the farmers, which would offer some cushion against the unpredictable issues that plague farming such as floods, droughts and pestilence. There is already…
- Thailand
Thailand eyeing EV benefits, but consumer incentives remain unclear
The Thai government is reportedly looking to spark local interest in electric vehicles, with the Finance Ministry poised to approve a number of measures designed to promote their use. The Bangkok Post reports a source on the National Electric Vehicle Policy Committee as stating the measures are expected to significantly bring down the prices of imported EVs. With the government…
- Coronavirus (Covid-19)
Massage businesses file class action suit against government over Covid restrictions
Thailand’s massage parlours and spas are suing the government, demanding compensation for the loss of income they’ve endured as a result of Covid-19 partial lockdowns. Thai PBS World reports that 172 massage parlours and spas filed a class action suit against the Finance Ministry and the government. They are demanding to be compensated for the financial losses they’ve suffered since…
- Tourism
14 day Phuket stay cuts predicted sandbox arrivals in half
The Tourism and Sports Ministry admitted today that the last-minute change in Phuket Sandbox Plan before being submitted to the government for approval from 7 days to 14 days required in Phuket for all arrivals will likely decrease by half the number of travellers who come. Extending the time required in Phuket before being allowed to travel throughout Thailand has…
- Visa
Finance Ministry challenges tax cut proposal for holders of new long-stay visa
A proposal to introduce a long-stay visa for 4 target groups of foreigners has already hit a hitch, with the Finance Ministry pushing back against a suggested tax rate of 17% on local earnings. The ministry argues that the reduced rate will affect government revenue. Under the proposal, wealthy foreign nationals could apply for a special visa that would permit…
- Business
No government bailout for Thai Airways
A final meeting for a vote on the Thai Airways debt restructure program is set for this Wednesday after being postponed last week. Meanwhile, a source close to those managing Thai Airways’ debt rehab plan, says the state is not obliged to provide a bailout for the national carrier. The Bangkok Post reports that Chansin Treenuchagron, acting president for Thai…
- Business
Government will not re-capitalise struggling Thai Airways
The State Enterprise Policy Office says the government will not back a billion-baht cash injection for Thai Airways. The national airline is currently been dragged through bankruptcy proceedings. Pantip Sripimol from the SEPO says the Thai Finance Ministry will not re-capitalise the carrier, although it remains its largest shareholder. The Bangkok Post reports that there are concerns Thai Airways could…
- Economy
2 emergency decrees provide businesses financial help
Thailand enacted 2 new emergency decrees today aimed at providing assistance to businesses and reducing default interest rates to help people affected by Covid-19. A deputy government spokeswoman confirmed the needed action was critical to protect and aid entrepreneurs and small and medium-sized enterprises during the time of pandemic-driven economic crisis. The goal was to combat unfair interest rates on…
- Economy
Finance Minister says vaccination rollout will drive economic recovery
Thailand’s Finance Minister is pinning his hopes on the rollout of Covid-19 vaccines to kick-start the decimated economy. Arkhom Termpittayapaisith says the economy should begin to recover in the last quarter of the year, saying the government’s vaccination drive will boost the public’s confidence, leading to more domestic travel. The minister adds that he experienced no problems after receiving the…
- Thailand
Government opening up another round of welfare registration to include more recipients
The Thai government is opening up another round of welfare card registration, with the possibility of more people being eligible for financial help. The Finance Ministry says it expects the latest round of recipients will outnumber the previous round, due to increasing unemployment rates. An unnamed source told Bangkok Post that the inclusion of more recipients is due to the…
- Thailand
210 billion baht stimulus confirmed for “Rao Chana”
A budget of 210 billion baht of stimulus handouts to help financially-affected people from the Covid-19 outbreak, has been confirmed and ready to be distributed to 31 million people. Each applicant in the project will get 7,000 over 2 months, but not in cash. They will only get money transferred via the “Pao Tang” app once subscribing to the website…
- Economy
Thailand’s rich not eligible for 3,500 baht government handout
Thailand’s Finance Ministry has confirmed that wealthy citizens are not eligible for the government’s monthly cash handout of 3,500 baht. The Rao Chana (“We Win”) scheme consists of 2 monthly payments of 3,500 baht for those struggling with the financial fallout of the Covid-19 pandemic. Those with savings above a certain, unspecified threshold, will not qualify. The ministry has not…
- Tourism
4 years until tourism industry gets back to pre-pandemic levels – Finance Ministry
It could take 4 years for Thailand’s tourism industry to recover after being battered by the lack of travel due to the coronavirus pandemic, the government’s reaction and the economic fallout, according to the Finance Ministry. While local and international experts project Thailand’s economy will continue to recover over the next 2 years, the tourism industry, which directly contributes 12-15%…
- Economy
Ministry of Finance proposes extension to shopping stimulus scheme
The Ministry of Finance is proposing to get Thais to shop the country out of recession. They’ve proposed an extension to the shopping co-payment scheme, Khon La Khrueng (Let’s Go Halves), first introduced last month. The scheme aims to encourage spending by offering Thai shoppers discounts of up to 150 baht a day at participating stores, to a maximum of…
- Economy
Covid-19 could lead to a crisis worse than the 1997 Asian financial crisis
With debt relief measures set to expire this month, Thailand’s financial woes, brought on by the Covid-19 pandemic, might end up being worse that the 1997 Asian financial crisis, known in Thailand as the Tom Yam Kung crisis, according to the Bangkok Commercial Asset Management. The 1997 Asian financial crisis started in Thailand with the financial collapse of the Thai…
- Economy
Finance Ministry mulls stimulus packages to boost property sector, consumption
The new permanent secretary at the Finance Ministry, Krisada Chinavicharana, says officials are considering additional stimulus measures to support Thailand’s property sector and to further boost consumer spending. Krisada says he plans to meet with senior officials to debate more ways to get the economy going again, as the impact of the Covid-19 pandemic continues to make itself felt. He says…
- Economy
Source says 3,000 baht handout coming soon, PM says it’s a rumour
Thais are getting some extra cash … Well, maybe. Reports say a 3,000 baht cash handout scheme is in the works to help revive the economy after the pandemic, but PM Prayut Chan-o-cha told the press it’s just a rumour, saying the Thai government “does not plan cash handouts of another 3,000 baht to Thais.” An anonymous source from the…
- 1
- 2