Finance Ministry
- Thailand News
Thai economy experts predict 3% growth despite digital wallet scheme delay
Leading economist Somchai Phakapaswiwat foresees a 3% economic growth despite the government’s 500-billion baht handout scheme‘s potential delay. Renowned economist Somchai Phakapaswiwat set tongues wagging yesterday, January 22, when he confidently declared that Thailand’s economic trajectory remains unscathed, poised for an impressive 3% growth, despite uncertainties surrounding the government’s 500-billion baht handout scheme. According to Somchai, the delay in the…
- Business News
SEC enhances high-yield bond oversight amid Thai market instabilities
The Securities and Exchange Commission (SEC) is enhancing oversight measures for high-yield bonds to fortify payment protections and investor assurance, according to remarks made by SEC Secretary-General Pornanong Budsaratragoon. This move comes in response to recent market instabilities caused by numerous defaults and a significant accounting scandal in the speculative debt sector. As part of this heightened vigilance, the SEC…
- Business News
Finance Ministry proposes joint venture asset management companies to aid debtors
The Finance Ministry is advocating for collaborative investments between Specialised Financial Institutions (SFIs) and Asset Management Companies (AMCs), proposing the formation of joint venture asset management companies (JV-AMCs). This initiative aims to aid debtors who collectively hold three million accounts amounting to a total value of 230 billion baht, stated Paopoom Rojanasakul, the secretary to the finance minister. Rojanasakul explained…
- Business News
Finance ministry’s vigilant watch over corporate debenture repayments
Corporate debenture repayments are under the watchful eyes of the Finance Ministry, according to a statement by Lavaron Sangsnit, its permanent secretary. The ministry, along with the Bank of Thailand (BoT) and the Securities and Exchange Commission (SEC), are vigilantly monitoring potential defaults on maturing debentures. In a recent evaluation, it emerged that only a single company was struggling to…
- Thailand News
Will the 2024 fiscal year save the Thai economy?
Deputy Finance Minister Julapun Amornvivat revealed that Thailand‘s eagerly awaited 3.48 trillion baht budget for the 2024 fiscal year won’t see the light until early May. Originally set to kick off on October 1, the budget got tangled in the web of politics, with May’s election and the lengthy government formation process pushing the official start to September 5. According…
- Thailand News
Thai government proposes 15 billion baht plan for informal debtors relief
The Ministry of Finance proposed a plan to the Cabinet to assist informal debtors, allocating a budget of 15 billion baht through the Government Savings Bank (GSB) and the Bank for Agriculture and Agricultural Cooperatives (BAAC). This initiative will also aid debtors affected by the Covid-19 situation who have lost their credit bureau records. At the Government House at 10am…
- Thailand News
Easy e-receipt programme set to kick off next year in Thailand
A newly approved tax refund scheme, aimed at stimulating domestic spending and promoting the use of electronic invoices, is set to kick off early next year, the Finance Ministry confirmed on Monday. The so-called Easy E-Receipt programme allows individuals to claim a tax deduction of up to 50,000 baht on goods and services purchases from businesses backed by the e-tax…
- Thailand News
Thailand’s power play: Hosting mega IMF and World Bank meetings in 2026
The Chief of the Fiscal Policy Office (FPO) unveiled Thailand‘s ambitious proposal to host the annual meetings of the International Monetary Fund (IMF) and World Bank in 2026. On October 15, the Finance Ministry, Bank of Thailand, and IMF and World Bank reps threw ink on a memorandum of understanding, sealing the deal for Thailand to reclaim its throne as…
- Tourism News
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 News
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 News
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 News
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 News
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…
- Covid-19 News
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 News
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 Information
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 News
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 News
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 News
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 News
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…
- Economy News
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 News
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 News
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 News
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 News
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…
- Business News
Evidence of Thai Airways’ corruption, mismanagement, sent to Finance Ministry
The Finance Ministry has received 18 documents that show evidence of corruption and mismanagement at Thai Airways. The evidence was submitted by a Transport Ministry panel on corruption, pending a full investigation into “shady dealings” at the battered national carrier. The airline is currently undergoing a rehabilitation process, having filed for bankruptcy protection earlier this year. It’s understood the former…
- Transport News
Thai Airways has officially lost its state enterprise status
The State Enterprise Policy Committee announced that Thai Airways has lost its state enterprise status after the Vayupak Fund bought a 3.17% stake from the Finance Ministry yesterday. The purchase was undertaken at a price of 4.90 baht per share, with a trade worth 285.2 million baht, leaving the national carrier owning 48% of its own shares and stripping its…
- Covid-19 News
Media, don’t be fooled by protesters – Finance secretary
Media outlets are being duped by highly visible protesters trying to attract media attention in their efforts to receive the 5,000 baht “No One Left Behind” handouts, according to Finance permanent secretary Prasong Poonthanate. He even accuses the protesters and says many have already received the subsidy cash, but are demanding more. As an example he mentioned the recent case…
- Covid-19 News
Cash handouts to be proposed tomorrow
“Those having social security will be taken care of by the Social Security Office, while those who are not insured under the social security scheme will be taken care of by the Ministry of Finance. We are planning to use an emergency budget from fiscal 2020 of around 20 billion baht to provide cash handouts to people affected by the…
