revenue
- Business News
Thailand’s revenue department ups tax amid economic slowdown
The Revenue Department faces a challenging year in meeting its tax collection targets, owing to a slowdown in economic activities. Despite this, five sectors have been identified as promising. The department, led by director-general Kulaya Tantitemit, has increased its revenue collection target to 2.27 trillion baht (US$61.7 billion) for the fiscal year 2024, up from 2.02 trillion baht (US$55 billion)…
- Business News
Thai economy falters as high interest rates impact major sectors
The Thai economy has taken a hit, with government revenue collections falling short of the target. Lavaron Sangsnit, the permanent finance secretary, attributed the shortfall to high interest rates, which have significantly reduced the purchasing power of consumers, impacting major sectors such as automobiles and real estate. Consumers, particularly those interested in purchasing cars or homes, have found their ability…
- Business News
Samsung aims for 20% revenue rise with enterprise-focused mobile devices
Samsung is set to enhance its footprint in the corporate user base by unveiling an array of smart devices and solutions. The technology giant anticipates a 20% rise in revenue from mobile devices specifically tailored for the enterprise market this year, revealed Panupat Kasemsuk, the head of B2B mobile experience at Thai Samsung Electronics Co. Panupat highlighted that business customers…
- Business News
Taxing times ahead: Employers must now e-file payroll returns
Vinit Visessuvanapoom, the Director-General of the Revenue Department, announced a new requirement for all employers to submit payroll tax returns electronically. The move is part of an effort to prevent fraudulent tax return forms. The director-general highlighted that before the department’s notification on income tax No.438, the electronic submission was voluntary. However, starting from January 1, 2024, all tax return…
- Business News
Southern Thailand sees room revenue surge due to European visitors
Southern provinces of Thailand are experiencing a boost in room revenue in the first quarter, thanks to extended stays by European visitors. This increase has occurred despite the lesser number of tourists from China. Room rates have reached a new high, setting a record. Pongsakorn Ketprapakorn, the ex-president of the Tourism Council of Phangnga predicted the surge. “The first quarter…
- Thailand News
Taxpayers perplexed by mysterious income entries
A prominent company named Infofed clarified unusual income sources that surfaced when taxpayers submitted their tax forms online, urging explanations from the Revenue Department. The ease of digital tax filing has been marred by these mysterious entries, sparking widespread concern. The Facebook page Drama-addict raised the alarm yesterday, February 16, about a peculiar issue encountered by taxpayers who ventured online…
- Business News
Thailand’s Q1 2024 government revenue exceeds target by 0.3%
The Fiscal Policy Office announced that government revenue collection for the initial quarter of fiscal 2024 surpassed its target by 0.3%, equating to 1.62 billion baht (US$45 million), according to the director-general, Pornchai Thiraveja. Pornchai, who also serves as a spokesperson for the Finance Ministry, disclosed that the government’s net revenue collection for the initial three-month period of fiscal 2024,…
- Business News
National Telecom targets smart meter project amid anticipated revenue loss
National Telecom (NT) is seeking to broaden its business horizons as it anticipates a revenue loss of 4 billion baht next year due to the termination of some contracts with private mobile phone operators. The state-owned enterprise is positioning itself to join the smart meter project run by the Metropolitan Electricity Authority (MEA) and Provincial Electricity Authority (PEA), by offering…
- Tourism News
Thailand’s tourism revenue surges by 44% as new year ushers in boom
The start of the new year saw a significant boom in Thailand’s tourism sector, with a 44% spike in tourism-related revenue. The Tourism Authority of Thailand (TAT) attributes this surge to the visa-free scheme and extended entertainment hours in select provinces. Thapanee Kiatphaiboon, the Governor of TAT, revealed that the country amassed a staggering 54.4 billion baht (US$1,588,321,152) from December…
- Thailand News
Thai Revenue Department mandates online platforms to submit trader income data from 2023
The Thai Revenue Department has mandated online platforms to submit income data of online traders into the system, starting from the accounting period of January 1 in the upcoming year. The conditions were announced on today. Kulaya Tantitemit, the Director-General of the Revenue Department, announced on December 27, about income tax concerning the regulation for electronic platforms to prepare special…
- Thailand News
Thai listed companies broke records by reeling in 6.21 trillion baht last year
Thai listed companies have orchestrated a financial coup, raking in an astronomical 6.21 trillion baht from their overseas ventures last year, smashing records and defying global economic odds. The Stock Exchange of Thailand (SET) reports an eye-watering surge of 1.83 trillion baht from the previous year, making it a staggering 17-year high. Amidst the chaos of the Russia-Ukraine war and…
- Thailand News
Phuket paradise beckons: TAT teams up with Saudia Airlines for tourism extravaganza
The Tourism Authority of Thailand (TAT) has joined forces with Saudia Airlines, setting their sights on a jaw-dropping target of 300,000 arrivals and a staggering 27.68 billion baht in revenue. TAT Governor Thapanee Kiatphaibool revealed ambitious plans after a high-stakes meeting in Riyadh with Saudia Airlines bigwigs. Thapanee disclosed discussions that could make this a game-changer for Saudi tourists seeking…
- Thailand News
Central Thailand: Thai Revenue Department clarifies controversial Huai Khwang restaurant raid
The Revenue Department has clarified the controversial issue involving six men, alleged to be its officials, who raided a restaurant in Huai Khwang district and seized a liquor license. The department has assured there was no ill intention behind the action and it was conducted in good faith today. Pakapoom Tantanaserikul, Secretary of the Department, acting as Deputy Spokesperson, yesterday revealed…
- Business News
ACE’s 18 solar projects to boost revenue with 665m baht annually
Absolute Clean Energy (ACE), a prominent biomass power developer and operator based in Bangkok, is set to see a significant increase in revenue following the selection of its 18 solar power generation ventures to feed the national grid. The projects are being executed under the umbrella of ACE’s 14 entirely owned subsidiary companies. ACE, in a recent announcement by its…
- Business News
Gulf Energy eyes 50% revenue surge with power plant operations boost
Gulf Energy Development, a Stock Exchange of Thailand (SET)-listed firm, is looking forward to a 50% revenue surge, breaking past the 100 billion baht (US$3.03 billion) mark this year. This significant increase is due to the addition of electricity generation capacity and the full operation of its power plants. In the previous year, the company’s earnings stood at 95 billion…
- Economy News
Revenue target for Thai government exceeds by 150 billion baht
Fiscal Policy Office (FPO) Director-General Pornchai Thiraveja has announced that the Thai government is rolling in cash. The director-general declared that the government’s revenue surpassed expectations, surpassing its target by 150 billion baht in the opening ten months of fiscal 2023. This continues a positive trend reported in May when revenue targets were surpassed by 112 billion baht. As per…
- Business News
Thailand’s smartphone market holds promise despite economic strain
In these difficult financial times, Thailand’s smartphone market still carries incredible potential for device makers, particularly in high-end models, despite reduced support of handset subsidies by mobile operators, according to Oppo, a leading Chinese smartphone maker. With a market value exceeding 100 billion baht, Thailand’s smartphone market is regarded as a gem within Southeast Asia. The Senior Executive Vice-President at…
- Business News
Vimut Hospital expands services targeting elderly as Q1 revenue surges 69%
Vimut Hospital witnessed a remarkable 69% year-on-year increase in revenue, reaching 412 million baht in this year’s first quarter. The revenue growth was driven by 186 million baht from hospital operations and an additional 226 million baht from their share in Theptarin Hospital. According to Somsak Akksilp, Vimut Hospital’s chief executive, revenue from non-Covid-19 treatments saw an increase of over 90%.…
- Thailand News
Thai Airways anticipates 130 billion baht revenue this year
Thailand’s flagship carrier, Thai Airways (THAI) is optimistic about its revenue this year. Thai Airways is anticipated to accumulate at least 130 billion baht in revenue this year after its net profit in the first quarter reached 12.5 billion baht. THAI CEO Chai Eamsiri announced yesterday that the airline is projected to complete its financial rehabilitation in 2025 as planned,…
- Hot News
Thailand expects tourism boom over October holidays
Tourism officials say they are expecting to see more than three million travellers over this month’s two holiday periods. The four-day anniversary holiday of His Majesty King Bhumibol Adulyadej The Great’s passing started on Thursday. Both Thais and foreigners have taken off to major tourist destinations around the kingdom. The other holiday from October 22-24, is expected to also see…
- Thai Law News
Australia sets worldwide precedent by passing pay‐to‐play legislation for social media giants
In a landmark decision, Australia is now requiring global digital giants, such as Facebook and Google, to pay for using local news content on their websites. The move sets a precedent that many global companies have been anticipating. The law passed yesterday after Facebook and Google reached an agreement to pay local Australian news organisations for using their stories on…
- Thailand News
Long Buddhist holiday to see over 40 percent reduction in domestic tourism
The long Buddhist festival holiday, which starts today, is set to see over a 40% reduction in domestic tourism. The Tourism and Transport Authority of Thailand has made the estimation which tallies around 1.09 million domestic trips, a number that is down 44% from last year’s Makha Bucha Day. The 2nd wave of the Covid pandemic this year has made…
- Events
Australians wake up to Facebook news blackout
Facebook is under fire as Australians accuse the social media giant of censoring news along with emergency services in an apparent blackout. This morning, residents logged in, saying they weren’t able to post links to news articles or view the Facebook pages of any news outlets worldwide. The move that has essentially blocked Australia from being in the loop, comes…
- Tourism News
Phuket sees 300 million baht boost over long holiday weekend
The Tourism Authority of Thailand says that Phuket has received a much-needed 300 million baht boost over the 4 day long weekend with around 54,000 tourists flocking to the island from last Thursday through to yesterday. Phuket Office Director Nanthasiri Ronnasiri, reports that the average expenditure per visitor was about 5,500 baht, which was higher than the average spend for…
- Economy News
Chiang Mai’s economic losses to reach 100 billion baht due to Covid-19 pandemic
Chiang Mai’s economic losses are estimated to reach 100 billion baht after Covid-19 ravaged the city’s tourism industry. The Bangkok Post reports that Varodom Pitakanonda, the president of The Chiang Mai Chamber of Commerce, says the city’s revenue from tourists “contracted severely this year due to the coronavirus”. “Now, we are pinning our hopes on government stimulus packages to salvage…
- World News
Facebook responds to proposed media laws in Australia with a threat to ban sharing of news posts
The media wars are heating up in Australia as a battle between Facebook and other tech platforms line up against traditional media providers and the Australian Government. Facebook is now threatening to block both the users and media organisations in Australia sharing news stories, if the Australian government’s plan to demand Facebook, Instagram, Google, etc to pay for content goes ahead.…
- Tourism News
Tourism authority predicts September revenue jump
The Tourism Authority of Thailand is expecting tourism revenue in September to grow by 20% compared to the same month last year, after the government approved September 4 and 7 as compensation holidays for this year’s Songkran Festival, which was “postponed” due to the Covid-19 crisis. We’re assuming they mean domestic tourism because there sure aren’t many foreign tourists! The…
- Covid-19 News
Qantas cuts 6,000 jobs to recover huge revenue losses
Australia’s Qantas Group is cutting at least 6,000 jobs after a massive revenue loss due to the Covid-19 pandemic. The jobs losses will be spread across all parts of the business while continuing to stand down 15,000 employees in an effort to recover. The Qantas Group includes the Qantas ‘full service’ brand and the JetStar discount airline offshoot. 20 % of…
- Covid-19 News
30,000 Thai hotels to lose all revenue during April
According to the Thai Hotels Association, out of the 32,564 hotels registered in Thailand, 95% will lose all revenue during April as the temporary lockdown escalates around the country. Adviser to the THA, Surapong Techaruvichit says that the number of hotel closures is growing every day as more provinces have imposed stricter lockdown policies. “Phuket is the latest major tourism destination…
- Business News
Thai Airways under pressure to deliver workable business plan
Thai Airways is coming under more pressure, after being given 30 days to deliver its new rehabilitation and business plans. Thaworn Senniam, the Deputy Transport Minister, gave the instruction yesterday while meeting with the executive of the national carrier for an update on its financial status. He says the business plan must provide clear information on how the fortunes of…
