tax
- 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
Government revenue falls short due to dip in oil taxes
There’s been a shortfall in the government’s revenue collection for the first four months of the 2024 fiscal year, largely due to a sharp drop in oil taxes. This data was disclosed by the Fiscal Policy Office (FPO) director-general, Pornchai Thiraveja, who highlighted that the government’s net revenue for the period of October 2023 to January 2024 was 824 billion…
- Thailand News
Bali’s new tourist tax: Will it save paradise or sow chaos?
In the latest move to combat over-tourism and preserve its landscapes, Bali introduced a controversial levy for international visitors. Since Valentine’s Day this year, tourists entering Bali have been greeted not only by the island’s breathtaking scenery but also by a new fee of 150,000 rupiah (approximately 340 baht) per person. This move aims to safeguard Bali’s rich cultural heritage…
- Thailand News
Accountant arrested in Thailand for 130 million baht tax fraud
Thai authorities recently apprehended a 46 year old accountant involved in a substantial tax invoice fraud, causing a loss of over 130 million baht (US$3.6 million) to the state. The arrest of Wimala, the individual at the centre of the investigation, marked a significant breakthrough in a tax evasion case that has highlighted vulnerabilities in the country’s financial regulation systems.…
- Business News
Revenue department develops data analytics to combat tax invoice fraud
The Director-General of the Revenue Department, Kulaya Tantitemit, announced the development of a data analytics system aimed at helping entrepreneurs integrate into the tax payment system and fight against falsified tax invoices. This announcement was made during a press conference alongside the Economic Crime Suppression Division. Five gangs responsible for the production of fake value-added tax (VAT) invoices have been…
- Thailand News
Ex-municipal tax chief caught after 15 years for embezzling funds
The Anti-Corruption Division (ACD) successfully apprehended a former municipal tax chief after a 15-year-long evasion. She was accused of embezzling government funds on over 100 occasions, resulting in a significant loss of 300,000 baht. Under the directive of Major General Prasong Chalermphan, officers led by Colonel Sanuwong Kongkain and Lieutenant Colonel Amnuay Wichitsophon, along with Krisakorn Sanitsakdee, Director of the…
- Business News
Easy e-receipt scheme may not boost Thai tourism says hotel association
The recently introduced Easy E-Receipt scheme, aimed at boosting tourism spending by offering tax rebates, may fall short of its goal, according to hotel operators. Marisa Sukosol Nunbhakdi, Thai Hotels Association (THA) president, argues that the scheme might instead push eligible individuals towards purchasing consumer products. She highlighted that a significant number of hotels and airlines are yet to adopt…
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Your go-to guide to property taxes in Thailand
Buying property in Thailand is an exciting venture, whether for investment or because the beauty of this tropical country has captivated your heart. But how familiar are you with the property taxes in Thailand? The country’s tax system can seem quite complex for foreigners thinking of buying or selling property. However, it’s important that you understand it to ensure a…
- Thailand News
Thai online vendors required to file taxes from 2024 as new directive kicks in
Online vendors are required to file taxes for the year 2024, with the Revenue Department mandating online platforms to disclose income data. This directive, effective from January 1 applies to all businesses, including e-Commerce, food and product delivery services like Shopee, Lazada, Grab, and TikTok. These platforms, registered in Thailand and having an annual income exceeding 1 billion baht, are…
- Economy News
Thailand ESG funds miss target but optimism remains for increased sales
Despite the Thai government’s target of 10 billion baht (US$290 million), Thailand ESG (TESG) funds only managed to reach sales of 5.2 billion baht (US$150 million) from December 8 to 28 in the previous year. The shortfall has been attributed to the brief sales period, although the Association of Investment Management Companies’ chairwoman, Chavinda Hanratanakool, acknowledged the funds’ popularity among…
- Thailand News
Thai transport minister denies plans for petrol tax hike
Transport Minister Suriya Juangroongruangkit has clarified that the proposed excise tax increase on petrol in Greater Bangkok is merely a proposal, and there are no current plans for its implementation. This statement came yesterday, December 22, following misunderstandings about the proposal’s intent and potential ramifications. Suriya apologised for any confusion, explaining that the idea of the tax increase was a…
- Business News
Tax deductions and returns: key investment options in Thailand
Shrewd investors actively seek opportunities that provide tax deductions while ensuring respectable returns. Within this context, three primary investment options demand consideration. These options comprise insurance, long-term funding, and savings through provident and social security fund contributions. Investment choices are manifold. Social Security Fund, for instance, offers a tax deduction equivalent to the amount paid, capped at 9,000 baht per…
- Business News
Vietnam aligns corporate tax with global 15% minimum to attract investors
Vietnam has adopted a resolution to equalise its corporate income tax with the globally accepted minimum of 15% for multinational corporations. This move is aimed at countering the global trend of countries competing to attract investors by lowering their taxes. The resolution was supported by a vast majority, approximately 94% of the National Assembly delegates, as per the legislative records.…
- Business News
Thailand land tax act assessment: Fiscal policy office’s evaluation
The Thailand 2019 Land and Building Tax Act (LBTA) is receiving a thorough evaluation for its effectiveness and potential issues in enforcement, according to the Fiscal Policy Office director-general, Pornchai Thiraveja. The investigation is a collaboration between the Finance and Interior ministries and is aimed at understanding the effectiveness of the new land tax collection system, identifying any issues and…
- Business News
Thai retailers urge government to reassess import taxes on luxury goods
The Thai government is being implored to reassess the import taxes imposed on luxury goods to mirror the tax rates in neighbouring countries. This is a strategic move aimed at attracting foreign tourists and bolstering the competitiveness of Thai small and medium-sized enterprises (SMEs) against established foreign brands in the country. The call for this revision comes from Yol Phokasub,…
- Business News
Foreign income tax proposal raises eyebrows among retail investors
A call has been issued to the government to reconsider the proposed foreign income tax, which could significantly impact retail investors with overseas investments, according to Jitta Wealth Asset Management. Trawut Luangsomboon, Jitta’s chief executive, voiced his concerns about the Revenue Department’s plan to include assessed income from abroad in the personal income tax calculations. He pointed out that the…
- Thailand News
DLT nets 7 billion baht in vehicle tax due to convenient online payments
The Department of Land Transport (DLT) collected over 7 billion baht in vehicle tax in the first 10 months of the current fiscal year, thanks to the ease of its “from anywhere” payment system. This figure represents the taxes received from the owners of 5.5 million vehicles between October of the previous year and July of the current year. The…
- Business News
Alcohol tax overhaul by Excise Dept planned to close loopholes
The head of the Excise Department announced plans to overhaul the excise tax structure on alcohol and beer, aiming to eliminate existing tax loopholes. Ekniti Nitithanprapas said a formal conversation is ongoing with the private sector to secure an equitable and suitable tax framework. Furthermore, many new beverage entries on the market are technically slipping through the cracks of taxation,…
- Politics News
Pheu Thai candidate Srettha sues over tax evasion allegations from Chuwit
In a recent turn of events surrounding the Pheu Thai Party, Srettha Thavisin, the prime ministerial candidate, commanded his legal counsel to start a legal battle against the well-known whistleblower Chuwit Kamolvisit. This move comes in response to allegations raised by Chuwit that Srettha was complicit in tax evasion incidents related to land acquisitions by the property giant, Sansiri Plc.…
- World News
Italian banks face US$10 billion loss as new tax rattles market
An unforeseen tax on banks’ extraordinary profits, instigated by Italy’s conservative regime, has taken markets by surprise, causing an approximately US$10 billion decline in Italian lenders’ market value. The proclamation came late Monday night from Matteo Salvini, the Deputy Prime Minister, stating a 40% levy on excess gains from banks would be levied as part of a comprehensive decree ratified…
- Economy News
Thai finance chief cautions reform balance to prevent tax shock on economy
Krisada Chinavicharana, the permanent secretary at the Finance Ministry, sounded the alarm bell for the incoming government, stating that the proposed tax reforms aiming to bump up the revenue should not produce a shockwave effect on the economy. Currently, tax revenue stands at just 14% of the GDP, falling short of the expected 15% or 16%, Krisada said. He stated……
- Business News
Revenue department to use AI for virtual tax consultation with taxpayers
Plans are underway within the Revenue Department to employ online chatbots to provide virtual tax consultation for taxpayers. Director-General Lavaron Sangsnit confided that discussions have commenced with a notable tech entity, Microsoft Corp, concerning the integration of such programmed interactive platforms to offer simplified answers to tax-related queries. The objective of this manoeuvre, states the director-general, is to provide a…
- Business News
Thai government weighs extending diesel excise tax cut beyond July
The Thai government is considering extending the excise tax cut on diesel, which is set to expire on July 20. Prime Minister Prayut Chan-o-cha directed the Finance Ministry and other relevant agencies to evaluate the feasibility of prolonging the tax reduction. Energy Minister Supattanapong Punmeechaow revealed that the Finance Ministry has been tasked with determining the appropriateness of an extension.…
- Business News
Thailand set to exchange financial data to combat transnational tax evasion
The Revenue Department of Thailand is set to enhance its efforts to combat transnational tax evasion through the exchange of financial information, according to its director-general, Lavaron Sangsnit. Thailand joined the Global Forum on Transparency and Exchange of Information for Tax Purposes in 2017 and has since been working towards adhering to international standards for tax cooperation. The Convention on…
- Business News
Bangkok governor urges land tax review as city revenues plummet
Bangkok Governor Chadchart Sittipunt has urged the incoming government to reevaluate the recently implemented land and building tax rules, as the city’s revenues have seen a significant decline since the new rates were introduced earlier this year. Previously, the Bangkok Metropolitan Administration (BMA) set the land and building tax rate at 12.5% of the income generated by a plot of…
- Business News
Thailand’s soaring household debt risks economic slowdown, warns NESDC
The National Economic and Social Development Council (NESDC) issued a warning concerning Thailand’s mounting household debt, stating that it could become a significant issue if the economy and employment rates decline. NESDC Secretary-General Danucha Pichayanan emphasised the need for debt restructuring alongside financial and fiscal discipline at both individual and corporate levels. During a press conference discussing the economic outlook…
- World News
Queen’s funeral costs taxpayers £162m amid cost-of-living crisis
The UK government has disclosed that the state funeral and related events for Queen Elizabeth II, who passed away last September, cost taxpayers almost £162 million (US$201 million). This is the first public estimate of the expenses associated with the funeral of Britain’s longest-serving monarch. The state funeral, held on September 19, required an extensive security operation to accommodate hundreds…
- Business News
Thailand Plus Package extension anticipated to attract 6 billion baht investment in three years
The Revenue Department anticipates that the tax measures designed to support the relocation of foreign investors’ production bases will generate investment of approximately 6 billion baht within three years, according to Deputy Director-General Vinit Visessuvanapoom. Visessuvanapoom explained that the cabinet has given its backing to an extension of the tax measures, also referred to as the Thailand Plus Package, which…
- Business News
Thailand woos crypto companies with tax waiver
Thailand‘s Cabinet approved a tax waiver for cryptocurrency firms yesterday. The Cabinet decided that companies raising funds by issuing digital tokens for investment are exempt from paying corporate income tax and value-added tax (VAT), according to a government spokesperson. Once the new tax waiver is implemented, crypto companies can issue investment tokens in Thailand without any tax on primary or secondary…
- Business News
Taxes up, bribes down – Palang Pracharath Party wants venues to operate legally
The ruling Palang Pracharath Party’s Chaiwut Thanakamanusorn wants to make it easier for entertainment venues to operate legally. The Minister for the Digital Economy would like to see bars and clubs operate within the tax system, bringing in fiscal revenue and administration fees while reducing the scope for bribery. Chaiwut said on Sunday that Palang Pracharath members had agreed that…
