Ministry of Finance

  • 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

    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…

  • 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…

  • 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…

  • 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.…

  • 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…

  • 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…

  • 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…

  • 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,…

  • 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…

  • 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…

  • Covid-19 News

    Thai airlines have their hands out for an extra 8.8 billion baht

    The Cabinet approved loans totalling 16 billion bath on March 26 for 7 Thai airlines who had endured a negative impact, or a complete collapse, from the Covid-19 pandemic. Yesterday reports out of the aviation industry say that the number of airlines looking for government aid for low-interest loans is now up to 24.15 billion baht. A total of 8…

  • Covid-19 News

    Cash handouts to Thais being proposed

    “Those Thais with 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…

  • Economy News

    Finance Ministry launches 100 billion stimulus package to kickstart sagging economy

    PHOTO: thailandshoppingdining.com The Government is kicking off a new stimulus package valued at 100 billion baht to “stimulate the grassroots economy”. Prasong Poontaneat, permanent secretary of the Finance Ministry reported that the government is preparing a brand-new stimulus package. “The Finance Ministry and related agencies will spend more than 100 billion baht on approximately 30 million low-income households nationwide.” The…