Ministry of Finance
- Finance
New 100 baht note marks Finance Ministry’s 150th anniversary
The Ministry of Finance announced the release of a commemorative 100 baht banknote to mark its 150th anniversary. The note, which can legally be used for transactions, will be issued on April 14. The announcement was published on the Royal Gazette’s website, detailing the characteristics, colour, and size of the commemorative note. Signed by Pichai Chunhavajira, the finance minister, the…
- Thailand News
Thailand unveils third phase of 10000 baht stimulus project
Deputy Finance Minister Julapun Amornvivat confirmed plans to proceed with the third phase of the 10,000 baht economic stimulus project yesterday, Feburary 7. The initiative, aimed at injecting approximately 150 billion baht into the economy, is expected to start in the second quarter of the year. Discussions took place during a subcommittee meeting on economic stimulation projects, with further meetings…
- Thailand News
New debt relief scheme aids nearly 500,000 Thai debtors
Deputy Finance Minister Phaophum Rojanasakul announced that as of January 28, the You Fight, We Help initiative has received interest from 497,552 debtors, covering 576,496 accounts. The scheme aims to assist individual debtors and includes two measures, excluding direct registration with financial institutions. The first measure, Direct Payment, Asset Retention, targets home, car, and small SME loans with modest limits,…
- Thailand News
Thai Airways: Ministry’s bid for more administrators rejected
The Central Bankruptcy Court has thrown out the Ministry of Finance’s bid to tighten its grip on Thai Airways’ rehabilitation, ruling that the current administrators are steering the airline’s recovery effectively. In a hearing yesterday, the court dismissed a proposal by the Ministry of Finance to appoint two additional administrators to oversee the struggling carrier’s rehabilitation. The bid aimed to…
- Thailand News
Thai lottery draw dates changed to accomodate new year holidays
The Thai Government Lottery Office (GLO) announced a change in the schedule for two upcoming lottery draws. The draw initially set for December 30, will now take place on January 2, 2025, due to the new year festivities. This adjustment allows for a more suitable timing, providing 17 days for the sale of lottery tickets for this particular draw. The…
- Thailand News
Finance Ministry unveils 2025 State Welfare Card for low-income boost
The Ministry of Finance has just rolled out brand-new registrations for the 2025 State Welfare Card, aiming to wrap up all the eligibility checks by March 31, next year. That’s right, a fresh round of financial lifelines is coming with 1,545 baht heading straight into the pockets of those who qualify. The buzz kick-started today, October 24, when it was…
- Thailand News
Roll the dice: Casino bill feedback to be reviewed by Thai Cabinet
A public hearing on the proposed casino-entertainment complex bill wrapped up with feedback set to be submitted to the Cabinet, announced the Fiscal Policy Office (FPO) at the Ministry of Finance. The FPO, alongside the Digital Government Development Agency, collected public opinions on the bill via their websites over two weeks. The bill aims to establish entertainment complexes with legally…
- Business News
Finance minister prioritises funding access over rate cuts
Finance Minister Pichai Chunhavajira affirmed the significance of access to funding sources over lowering interest rates. Following discussions with Bank of Thailand Governor Sethaput Suthiwartnarueput, Pichai underscored that interest rate policy remains under the purview of the central bank’s Monetary Policy Committee (MPC), which is set to convene on October 16. Describing the talks as comprehensive, Pichai highlighted various factors…
- Thailand News
Minister clarifies tax concerns for digital wallet programme
Deputy Minister of Finance Julapun Amornvivat insists that sales data from stores participating in the digital wallet programme will not be submitted to the Revenue Department, but stores must file taxes if their sales increase significantly. Julapun addressed concerns yesterday from merchants about joining the digital wallet programme due to tax issues. He assured that the Ministry of Finance would…
- Thailand News
Tang Rat app crashes amid rush for 10,000 baht digital wallet
The Tang Rat application crashed as numerous people rushed to download and verify their identities ahead of the registration for the 10,000 baht digital wallet set to begin tomorrow, August 1. It was reported today that the government, through the Ministry of Digital Economy and Society (MDES) and the Ministry of Finance, will open the registration for the 10,000 baht…
- Politics News
Thailand to amend VAT laws for imported goods under 1,500 baht
A proposal to amend laws regarding the collection of Value Added Tax (VAT) on imported goods valued at less than 1,500 baht was announced today by Chulaphan Amornvivat, Deputy Minister of Finance. The proposed amendment, approved by Finance Minister Pichai Chunhavajira, aims to establish a fairer system for public and private sector importers, international manufacturers, and small and medium-sized enterprises…
- Business News
Thai Finance Minister set to discuss policies with BOT
The freshly appointed Finance Minister today expressed his readiness to engage in discussions with the governor of the Bank of Thailand (BoT) to align fiscal and monetary policies. Pichai Chunhavajira, who is also the Deputy Prime Minister of Thailand, stated to journalists that collaborating with the BoT on policy coordination is part of his job responsibilities. Pichai expressed confidence that he…
- Business News
Thai government increases 2025 budget deficit for economic boost
The Government of Thailand has sanctioned a rise in the 2025 budget deficit by an extra 153 billion baht, to instigate an economic boost. As a result, the budget will increase to 3.752 trillion baht, a significant hike from the previously planned 3.6 trillion, according to Chalermphol Pensoot, the Budget Bureau director at the Ministry of Finance. The budget deficit…
- Business News
GSB asses terms for informal debtors in Thailand’s debt relief bid
Deputy Finance Minister Krisada Chinavicharana announced that the Finance Ministry has tasked the Government Savings Bank (GSB) with reassessing conditions for informal debtors. This move is part of the government’s steadfast resolution to address economic issues, especially those concerning formal and informal debt. The responsibility of registering informal debtors and facilitating negotiations with informal lenders has been given to the…
- Thailand News
Thai tourism revolution: Duty-free ditch and booze bonanza
In a bold move set to redefine Thailand‘s tourism landscape, the Finance Ministry is gearing up to propose changes that could reshape the way tourists spend their cash. The Finance Ministry is set to pitch a revolutionary plan to Cabinet today, December 19, aiming to suspend duty-free shops in the arrivals section of all airports. Lavaron Sangsnit, the ministry’s permanent…
- Economy News
Pork price crash in Thailand due to rampant smuggling
A nationwide crash in pork prices, sparked by rampant smuggling, is wreaking havoc on the livelihoods of hog farmers throughout Thailand. The illegal import of pork not only undermines local farmers but also poses a significant public health risk due to the potential for contamination. The Deputy Agriculture and Cooperatives Minister, Chaiya Phromma, addressed the issue in a conversation with…
- Business News
Power play: FTI cheers new government’s energy cost pledge
The Federation of Thai Industries (FTI) expressed its satisfaction with the newly elected government’s commitment to lowering energy costs and retail diesel prices. Newly inaugurated Prime Minister Srettha Thavisin has prioritised energy price reductions as an early objective of his administration. An immediate cut in energy prices has been promised by the 61 year old Srettha and his Cabinet upon…
- World News
Finance Ministry revokes Asia Wealth Securities licence for misusing client funds
The Ministry of Finance has withdrawn Asia Wealth Securities‘ (AWS) securities business license following a recommendation from the Securities and Exchange Commission (SEC) due to the unauthorised use of client funds. The SEC discovered that on November 14, AWS had improperly utilised 154 million baht of clients’ funds to buy shares of More Return (MORE) from Thailand Clearing House without…
- Business News
Thai government revenue exceeds target by 112 billion baht amid economic recovery
The Ministry of Finance announced that government revenue collection for the first seven months of fiscal 2023 (October to April) surpassed the target by 112 billion baht, primarily due to contributions from agencies other than the Revenue Department. This information was shared by Pornchai Thiraveja, director-general of the Fiscal Policy Office. The government collected a net revenue of 1.38 trillion baht…
- Environment News
Biodegradable tax incentives to reduce plastic waste
Thailand is taking a big step to tackle plastic waste, and it’s all about incentives. The country’s Ministry of Finance has teamed up with the Ministry of Industry to announce a new program that offers a 25% corporate income tax reduction for businesses that buy biodegradable plastic products between 2022 and 2024. This move is aimed at encouraging companies to…
- Pattaya News
U-Tapao Airport expansion plan approved by Cabinet
For tourists to Pattaya, travel may be getting a lot easier. The Cabinet has approved a plan for a massive expansion of U-Tapao Airport, the hub in Rayong province nearest to the popular tourist town. The project would grow the airport’s capability for commercial flights to land. It would expand by building a new runway and adding facilities to accommodate…
- Transport News
Thai Airways refunds possible, reorganisation approved
Thai Airways International’s revised business reorganisation plan was approved by the Central Bankruptcy Court. The plan was submitted last month and the airline will now start on a course of financial restructuring. Does this mean everyone waiting for a refund from the Covid-19 pandemic and before Thailand’s flagship airline declared bankruptcy will finally get their money back? It is reported…
- Economy News
Opening day of 2022 welfare sees 1.86 million people register
Yesterday marked the opening date for registration for state welfare for 2022, and people flooded the registration process both online and in person. By 3pm on the opening day, officials reported that 1.86 million people across Thailand had already registered for the state welfare card project. A spokesperson for the Ministry of Finance, who also serves as the director-general of…
- Economy News
Digital assets as payment requires more regulation in Thailand
After studying the risks and benefits of using digital assets and cryptocurrencies to pay for goods and services, a coalition of financial bodies have decided that more regulation is necessary in Thailand. The Ministry of Finance, along with the Bank of Thailand and the Securities and Exchange Commission, have partnered together to assess the regulation needed for crypto usage in…
- Economy News
Artificial intelligence intended to prevent abuse of state welfare
As a new round of registration is set to commence, the Ministry of Finance is planning to use artificial intelligence to ensure that the state welfare cards issued this year are given only to eligible low-income earners. The Ministry plans to implement new technology to cut down on fraud and to keep urgent financial assistance money from going to those…
- Thailand News
Half-Half subsidy programme 4th phase starting in March
The very popular Covid-19 financial relief programme Half-Half or 50:50 will be continued, according to the spokesperson for the Ministry of Finance. The spokesperson said the ministry is preparing the fourth phase of the programme, expected to launch in March. The plan that launched last year simultaneously aided people in need with meals and stimulated the small business economy by…
- Economy News
Minister of Finance: too soon to know Omicron variant effect on economy
Will the new and rapidly spreading Omicron variant of Covid-19 have a strong effect on the economy of Thailand? According to the Ministry of Finance, the answer is a solid maybe. Minister of Finance Arkhom Termpittayapaisith says it’s just too soon to know if and how Thailand’s economy will be affected by the Omicron variant. The Ministry of Finance is…
- Economy News
Finance Minister: economy of Thailand will recover in 2023
Minister of Finance Arkhom Termpittayapaisith says that the economy of Thailand should see a full recovery, not next year, but by 2023. The economy is expected to grow by about 4% next year so 2022 would begin economic recovery, but it will take longer for Thailand definitely bounce back after the devastation of the Covid-19 pandemic. The Finance Minister believes…
- Thailand News
Thai Airways employee union push against forming a new airline
Plans to create a new national airline to replace the struggling Thai Airways are meeting oppositions from the employee union. The union insists that Thai Airways is a known brand worldwide and has contributed significantly to the economy of Thailand and deserves aid and rehabilitation. In the past, Thailand’s flagship international airline spent years as a state-owned property until the…
- Covid-19 News
Thousands queue outside Finance Ministry for relief cheques
People began arriving before sunrise. It was around 5am on Friday that 49 year old Bawonlak Rasameebunsrisuk from Samut Prakan, just south of Bangkok, started the queue outside the Finance Ministry. She soon gave up her spot to 71 year old Gasorn Bunin, feeling sorry for the grandmother. The Finance Ministry offices wouldn’t open until 9am. All were hoping for…
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