The Cabinet of Thailand has approved a decision to reduce the price of 91-octane gasoline by 2.5 baht over the next three months, starting from next week.
The reduction in price is expected to come into effect on October 31 and will be funded by a reduction in excise tax. It is known that this price reduction will lead to a decrease in state revenue of approximately 1 billion baht, according to the Minister of Energy. This will also lead to a review of the overall oil price structure. According to the minister, this restructuring will be the most significant of its kind in the past decade.
Since the beginning of the year, foreign investors have sold Thai stocks worth over 157.84 billion baht. Shares of PTT Oil and Retail Business dropped below their IPO price of 18 baht per share, trading at 17.90 baht during morning trading. This is the first time the shares have fallen below the IPO price since they started trading on the SET in February 2021. In addition, the dollar continues to strengthen, with the exchange rate at 37.142 baht per 1 dollar as of 10 a.m.
The Revenue Department will provide additional clarification regarding the payment of tax on funds coming into Thailand from abroad.
The information about this new regulation has sparked discussions and misunderstandings in both society and the financial sector. According to Resolution No. 61/2023, starting from January 1, 2024, individuals residing in Thailand for at least 180 days per year and earning income from work or assets abroad are required to pay income tax. Lavarn Saengsanit, the Director-General of the Revenue Department, has promised to hold hearings and focus groups in the near future to explain and discuss the new rules before they take effect. According to Thai media reports, this change is aimed at addressing income inequality issues and...
The cabinet has decided to maintain the 7% value-added tax (VAT) rate on goods and services until September 30, 2024.
This decision was made yesterday at the first Cabinet meeting. Keeping the VAT rate at 7% will stimulate economic recovery through consumer spending on goods and services. Increasing the VAT to 10% could have caused dissatisfaction among consumers as it would significantly impact their expenses. Initially, the Thai government levied a 10% VAT on all goods and services, but as of October 1, 2010, this rate was reduced to 7% and is subject to annual review. Initially, the Thai government levied a 10% VAT on all goods and services, but as of October 1, 2010, this rate was reduced to...
Simplifying the visa policy for tourists from China and India could lead to an increase in real estate sales in Thai condominiums.
The Real Estate Information Center (REIC) voiced its perspective on this matter. Factors such as the gradual economic recovery, rising interest rates, and the increasing household debt-to-GDP ratio have influenced demand and supply over the last two quarters, stated Vichai Viratkapan, the acting director of the center. The head of the real estate consulting firm Property DNA asserts that there continues to be a high demand for real estate among foreigners, and this demand is likely to grow in the near future. According to REIC data, approximately 7,338 condominium units worth 35.21 billion baht were purchased by foreigners in the...