Ministry of Finance
- 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 welfare cardholders must verify eligibility by December 26
Thailand’s Ministry of Finance is urging 1 million holders of the state welfare card to verify their eligibility and confirm their identity by December 26 to secure their benefits. These individuals, part of the 14.5 million registered cardholders, have not yet confirmed their identity, leaving their welfare benefits unclaimed. Julaphan Amornvivat, Deputy Minister of Finance, announced this following a meeting…
- 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
Virtual bank brawl: Thailand’s money movers make their pitch
Competition for virtual bank licences in Thailand is reaching fever pitch, with five heavyweight business groups stepping forward just before the application deadline. The Bank of Thailand and the Ministry of Finance are set to issue an undisclosed number of licences, with the winners announced in the first half of next year. Successful applicants will have a year to kick-start…
- 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…
- Thailand News
Diesel climbs to 30.49 baht, Thai govt ponders support measures
Diesel prices in Thailand have experienced a 50 satang per litre increase, prompting the prime minister to call for a meeting to discuss countermeasures following the retail price adjustment today. Previously, the Ministry of Energy and the Ministry of Finance had jointly managed retail pricing through a tax reduction mechanism to cap diesel prices at 30 baht per litre, a…
- 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…
- Economy News
Thai ‘super app’ set to launch with 10,000-baht digital wallet scheme
The completion of a multi-purpose mobile application, or super app, is on track for early next year, coinciding with the launch of the 10,000-baht digital wallet initiative, as announced by Deputy Finance Minister Julapun Amornvivat. The mobile app is designed as a comprehensive solution, with developers assuring its readiness for the digital wallet scheme’s rollout, expected between February and March…
- 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…
- Crime News
Ponzi schemes in the crosshairs for DSI, Finance Ministry
Sometimes cracking down on scam crimes just creates smarter criminals. The Ministry of Finance and the Department of Special Investigation (DSI) are teaming up to crack down on new forms of the classic Ponzi scheme. The director-general of the Fiscal Policy Office announced that the ministry was meeting with the DSI to discuss updates on the laws regarding new scams.…
- 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…
- World News
Nong Khai bridge the final step in China-Laos-Thailand Railway
In order to connect Thailand to the new China-Laos Railway, the State Railway of Thailand has received orders from the Cabinet to build a second bridge across the Mekong River, this on for trains to link Nong Khai province to Laos. The SRT was instructed to design and build the bridge as quickly as possible. A meeting was held at…
- 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…
- Economy News
Government agency ups 2021 foreign arrivals prediction to 200,000
An agency under the Ministry of Finance has increased its 2021 tourist arrivals forecast to 200,000. The Fiscal Policy Office had previously stated that it expected 180,000 foreign arrivals by the end of the year. According to a Bangkok Post report, Pornchai Thiraveja from the FPO says this now looks likely to increase. During the first 2 weeks of November,…
- 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…
- Covid-19 News
New plans for managing Thailand’s 2020 public debt
The Thai Cabinet has approved new plans for managing the fiscal 2020 public debt that was previously proposed by the Ministry of Finance. Deputy Government spokesperson Traisulee Traisaranakul announced that… “according to the new plans, the amount of ‘new’ debt has been adjusted up to 1.497 trillion baht from 894.005 billion baht.” “The plan for the management of ‘existing’ debt has…
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