Finance Ministry
- Thailand News
Taxing times: Thai PM backtracks on VAT hike after public outcry
In a dramatic U-turn, Prime Minister Paetongtarn Shinawatra pulled the plug on a proposal to crank up the value-added tax (VAT) following a storm of public outrage. The PM took to X (formerly Twitter) today, December 6, decisively posting: “No VAT adjustment to 15%.” This swift decision emerged from a huddle at Government House with Finance Minister Pichai Chunhavajira and…
- South Thailand News
Thailand announces 9,000 baht aid for southern flood victims
The Government of Thailand is set to provide financial relief to families impacted by the recent floods in the southern region, Deputy Prime Minister Anutin Charnvirakul announced. Each affected household is expected to receive a compensation of 9,000 baht, mirroring the assistance given to flood-stricken families in the northern part of the country. Anutin, who also serves as Interior Minister,…
- Thailand News
Thai Airways secures 44 billion baht in share rights offering
The Government of Thailand announced plans to increase its investment in Thai Airways International (THAI) without reinstating the airline as a state enterprise. This decision was confirmed during a Cabinet meeting in Chiang Mai, where Finance Minister Pichai Chunhavajira provided updates on the airline’s debt restructuring efforts. During the meeting, it was revealed that THAI anticipates raising approximately 44 billion…
- Thailand News
Thai Airways gets a financial lift-off with ministry’s capital boost
The Ministry of Finance is set to propose a capital injection for Thai Airways International to the Cabinet next week. This move is designed to ensure the airline’s recovery while keeping the ministry’s shareholding below 50%, preventing a reversion to state enterprise status, as confirmed by Tibordee Wattanakul, Director-General of the State Enterprise Policy Office. This financial boost is part…
- Thailand News
Thailand’s 10,000 baht handout: Cashing in to support elderly
The Government of Thailand is moving forward with its plans to distribute financial aid worth 10,000 baht, both in cash and digital form, to specific groups in need. This initiative, led by the Ministry of Finance in collaboration with the Comptroller General’s Department, aims to support elderly citizens aged 60 and above as well as those who have registered through…
- Thailand News
Thai investment roadshow heads to Shanghai to court investors
Thailand’s Finance Minister and Board of Investment (BOI) Chairman Pichai Chunhavajira will lead a delegation to Shanghai this week for a four-day investment roadshow, targeting high-tech manufacturers and EV industry players. BOI Secretary-General Narit Therdsteerasukdi announced that the mission, running from tomorrow, November 19 to 22, aims to attract Chinese manufacturers, particularly those specialising in EV battery cells and advanced…
- Thailand News
Thailand launches QR system to track tobacco products
Thailand’s Finance Ministry has unveiled a new technology aimed at transforming the monitoring of tobacco products. The “QR Cigarette” system, announced by Deputy Finance Minister Paophum Rojanasakul, is a Track & Trace innovation designed to follow tobacco products throughout their lifecycle, from production to purchase. This move is part of a broader effort to enhance tax collection efficiency, boost transparency,…
- Thailand News
Thai elderly to soon receive 10,000 baht cash aid: Finance Ministry
The Ministry of Finance is poised to introduce a one-time cash payment initiative targeting the elderly, as confirmed by Deputy Finance Minister Paopoom Rojanasakul. This proposal, amounting to 10,000 baht, will be presented during the upcoming economic stimulus policy committee meeting scheduled for Tuesday, November 19. This new measure specifically excludes state welfare cardholders and disabled individuals who previously received…
- Business News
Bank of Thailand board chair decision delayed amid controversy
The selection process for a new board chairman at the Bank of Thailand (BoT) has been delayed yet again, as the independent committee overseeing the choice opted to postpone its decision for another week. They indicated the necessity of more time to fully consider the information presented. This marks the second delay in the decision-making process, following an earlier postponement…
- Thailand News
Property market measures to be discussed in Cabinet meeting
Ministers are set to review several measures to boost the property market at tomorrow’s Cabinet meeting, Finance Minister Pichai Chunhavajira announced. In a statement released today, November 4, Pichai revealed that the Finance Ministry will ask the Cabinet to approve 55 billion baht for low-interest home loans. These loans would be available for up to 3 million baht per buyer.…
- Thailand News
Finance Ministry to sell 50% stake shares for 30 to 40 billion baht
The State Enterprise Policy Office (SEPO) is set to divest shares held by the Finance Ministry, where stakes are below 50%, over the next four to five years. The sale will utilise a mark-to-market pricing method to ensure fair market value is considered. Tibordee Wattanakul, SEPO Director-General, highlighted the challenges faced in previous attempts to offload these shares. A lack…
- Thailand News
Thailand plans retirement lottery for over 60s, launching 2025
Thailand’s Deputy Finance Minister announced plans to present the retirement lottery scheme to the Cabinet for approval next month, aiming to begin sales in the first quarter of 2025. The scheme proposes extending the eligible age for purchasing lottery tickets to over 60 years. Paophum Rojanasakul addressing the progress of the retirement savings lottery, stated that the proposal is expected to…
- Economy News
Thai public debt remains under 70% of GDP despite borrowing
Thailand’s public debt remains within manageable levels, according to the Public Debt Management Office (PDMO), despite recent borrowing for fiscal 2024. Jindarat Viriyataveekul, a public debt advisor for the PDMO, confirmed that the debt level has not surpassed the critical threshold of 70% of GDP. “The level is still within this limit, even though the government borrowed an additional 145…
- Thailand News
Casino royale: Thailand rolls the dice on mega gaming complex
In a bold move worthy of James Bond himself, the Finance Ministry of Thailand is pulling out all the stops to push forward a high-stakes casino-entertainment complex project, with Deputy Finance Minister Julapun Amornvivat at the helm. This ambitious venture is straight out of the Pheu Thai Party-led government’s policy playbook. But while the ministry’s immediate focus remains on flood…
- Thailand News
Thai government urges swift updates for digital wallet distribution
The Thai government confirms that the second phase of the 10,000 baht digital wallet distribution will reach all registered citizens, urging vulnerable groups to rectify any issues promptly to avoid forfeiting their rights. Today, October 26, Jirayu Huangsap, spokesperson for the Prime Minister’s Office, discussed the progress of the 10,000 baht economic stimulus transfer in an interview broadcast on the…
- Business News
Thailand & Hong Kong aims for ASEAN financial hub status
Thailand is exploring a partnership with Hong Kong to establish a financial hub aimed at connecting ASEAN markets. Deputy Finance Minister Paopoom Rojanasakul announced the initiative after a meeting with Hong Kong’s Financial Secretary, Paul Chan, during the Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting in Lima, Peru. The meeting highlighted Thailand’s ambition to become a global financial player, as…
- Economy News
Thai Finance Ministry to tighten state welfare card criteria
Thailand’s Ministry of Finance is set to review the criteria for the State Welfare Card registration, aiming to exclude ineligible individuals after finding some recipients receiving as much as 10,000 baht per month in benefits. Deputy Finance Minister Chulapan Amornvivat announced a forthcoming meeting to discuss the progress of the new round of State Welfare Card registration. This comes following…
- Thailand News
Thailand to reassess state welfare card criteria amid wage hike
The Finance Ministry intends to reassess the eligibility criteria for state welfare cards in light of the planned minimum wage increase. Deputy Finance Minister Julapun Amornvivat announced that the ministry will conduct a review of the criteria next year, allowing new registrations for Thais who wish to apply for state welfare cards. The review aims to determine if the current…
- Thailand News
Finance Ministry to open new welfare card registrations in March
The Ministry of Finance plans to open new registrations for the State Welfare Card early next year, around March. This follows the last registration period from September 5 to October 31 back in 2022, aiming to review the eligibility of participants every two years. Currently, the number of registered users has decreased from the previous 14.9 million to approximately 13.5…
- Thailand News
Finance ministry urges higher inflation target for policy rate flexibility
The Finance Ministry suggested adjusting the inflation target for next year to a range of 1.5 to 3.5%, up from the current 1 to 3%, to grant the Bank of Thailand (BoT) more flexibility in lowering the policy rate. A ministry source, who wished to remain anonymous, indicated that this change would enable the central bank to reduce the policy…
- Thailand News
Thailand starts 10,000-baht handout to 3 million needy individuals
Three million needy and disabled individuals in Thailand will receive the 10,000-baht handout under the government’s digital wallet programme today, announced Deputy Finance Minister Julapun Amornvivat. This initial rollout is part of a larger initiative aimed at aiding 14.5 million recipients in total. Due to limitations with the PromptPay payment system, only 3 million recipients can be processed initially. These funds…
- Business News
Finance Ministry set to cash in: £400bn portfolio gets a stock-over
In a bold new move, the Finance Ministry is gearing up to overhaul its colossal 400 billion baht stock portfolio, hinting at potential sell-offs. This announcement comes straight from Finance Permanent Secretary Lavaron Sangsnit, who let the cat out of the bag. Lavaron, a key player in the State Securities Management and Development Committee within the State Enterprise Policy Office…
- Thailand News
Less than 40 million Thais expected to join digital wallet scheme
The Government of Thailand anticipates fewer than 40 million participants in its flagship digital wallet handout scheme, with the initial phase set to benefit 14.5 million vulnerable individuals starting yesterday, according to a Finance Ministry official. Under this stimulus programme, the government plans to distribute 450 billion baht to 45 million people, with each registered participant receiving 10,000 baht to…
- Thailand News
Digital wallet delay: No green light before year-end
The highly anticipated second phase of Thailand’s digital wallet initiative is on ice, with Deputy Prime Minister and Finance Minister Pichai Chunhavajira revealing that it’s unlikely to roll out before the end of the year. In a brief meeting with the press today, Pichai highlighted the need for a cautious approach, stressing that factors like timing and continuity must be…
- Thailand News
Thailand set to advance casino project with 80% public approval
Newly-appointed Deputy Finance Minister Julaphan Amornvivat recently discussed the progress of the Entertainment Complex (Casino) project following the completion of public hearings, where over 80% of respondents expressed approval. This project, which has its origins in Parliament, is now set to move towards discussions among coalition parties before being submitted to the Cabinet and Parliament for further consideration. Julaphan highlighted…
- Thailand News
Thailand government includes cash options in 10,000-baht handout
The Thailand government’s 10,000-baht handout programme is set for adjustments, with Deputy Finance Minister Julapun Amornvivat acknowledging the need to include cash distributions for some recipients instead of digital money. Numerous petitions against the government’s flagship policy contributed to this decision, Julapun said yesterday. Additionally, feedback from various sectors has prompted changes to improve the programme’s effectiveness. Initially, the policy…
- Business News
Thailand gamble: Locals to roll the dice on new casino complex
Thailand’s proposed entertainment complex project, which includes a casino, is set to draw primarily Thai gamblers, with up to 90% of customers expected to be locals, as per the Finance Ministry. Public hearings are currently being held for the draft law related to the entertainment complex, in accordance with constitutional requirements. A special House committee, led by caretaker Deputy Finance…
- Thailand News
High stakes in Thailand: Rolling the dice on casino legalisation
Thailand is moving forward with plans to legalise casinos within entertainment complexes. The Finance Ministry has completed a draft of the Entertainment Complex Act, which will soon be subjected to a public hearing in accordance with Section 77 of the constitution. This hearing aims to incorporate public feedback before the bill is presented to the Cabinet for further consideration. Deputy…
- 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
Thai SME bank sees non-performing loans surge to 13%
Rising non-performing loans (NPLs) in the first seven months of this year have predominantly emerged from wholesale and retail sectors, as reported by the Small and Medium Enterprise Development Bank of Thailand (SME D Bank). The Managing Director of SME D Bank, Phichit Mitrawong, attributed the increase to sluggish economic conditions, which have led to a contraction in consumer purchasing…
