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Tax Collection Exceeds Target in First Half of Fiscal 2022

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BANGKOK (NNT) – Total tax collected in the first half of the 2022 fiscal year has exceeded the Revenue Department’s collection target by 14%. This notable performance has been attributed to the use of digital technology and updated management practices.

Revenue Department Director-General Ekniti Nitithanprapas said the Revenue Department has been pushing the concept of “sustainable revenue.” This involves applying digital technology and modern management practices in tax collection to ensure financial sustainability.

Ekniti said the Revenue Department collected 101.695 billion baht in excess of the tax target for the first six months of fiscal 2022. During the same period, the department collected 4.2 billion baht in VAT from foreign electronic service platforms that offered services to users in Thailand. 10 billion baht is expected to be collected from this channel for the entirety of fiscal 2022.

The director-general said Thailand is currently negotiating with 139 countries for the issuance of measures to prevent tax avoidance. One of the measures involves mandating that multinational companies pay part of their taxes based on profits earned from countries that utilize their services. This would be the case regardless of whether the multinational has a permanent site of operation in each country.

Another key measure involves enforcing a global minimum income tax of 15% on companies that choose to transfer their profits to tax havens. Ekniti said that if negotiations bear fruit in 2023 as planned, Thailand will have a new source of income from multinationals that have so far evaded taxation.

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Reporter : Natthaphon  Sangpolsit

Rewriter : Paul Rujopakarn

National News Bureau : http://thainews.prd.go.th

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2022 Bun Bung Fai Rocket Festival in Isan promises plenty of sky-high action to watch

Bangkok, 6 May, 2022 – The Tourism Authority of Thailand (TAT) invites tourists to experience one of the must-see spectacles of the annual festival calendar – the exhilarating Bun Bung Fai Rocket Festival in the Northeastern Thai provinces of Yasothon from 13-15 May and in Kalasin from 21-22 May.

The annual rocket festival, which takes place in the Northeast as the rainy season begins, is seen as a way of encouraging the rains to fall and to help the local rice crops to grow. It also allows people to have a fun and festive break before the hard work of planting and harvesting begins.

The celebrations differ from province to province, but mostly involve the firing of home-made rockets up into the sky with teams competing against each other to send their rockets the highest – some up to hundreds of feet. There are different types of rockets classified by the weight of gunpowder they carry. ‘Bung Fai Kilo’ indicates a rocket has 1 kg of gunpowder, ‘Bung Fai Muen’ is 12 kg, and ‘Bung Fai Saen’ is 120 kg. There are also parades with floats and displays of traditional costumes and folk dancing.

The Festival can be enjoyed in many provinces of Isan including Kalasin, Roi Et, and Yasothon with festivities in Yasothon and Kalasin being among the largest and most well-known of them all. There is also a rocket festival in Sukhirin district in the Southern province of Narathiwat initiated by the people who moved south from Isan. And with the event having been cancelled in 2020 and 2021, this year it is making a much-anticipated return.

Yasothon Bun Bung Fai Festival

13-15 May, 2022, at Mueang Yasothon District Office, Lan Wiman Phaya Tan (Phaya Khan Khak – Naga) and Phaya Thaen Park.

Over the three-day event, there are celebrations and activities to enjoy, in addition to the actual launching of the rockets. This includes colourful rocket processions of floats and folk dancing, merit-making ceremonies, a rocket team cheering contest, light and sound show, and Bung Fai parade contest.

Bung Fai parade contest, Yasothon
2022 Bun Bung Fai Rocket Festival in Isan promises plenty of sky-high action to watch
Bung Fai (Rocket), Yasothon

Kalasin Bun Bung Fai Talai Lan Festival

21-22 May, 2022 at Kutwa Wittaya School in Kuchinarai district

A tradition of the ethnic Phu Thai Kutwa people, the celebrations in Kalasin stand out as many of the rockets are launched as part of huge cartwheel-like structures up to six metres in diameter. This year, in addition to the launching of 50 ‘Bung Fai Talai Saen’ (120 kg) rockets and two ‘Bang Fai Tai Lan’ (1,200 kg) rockets, other celebrations include colourful rocket processions of floats and folk dancing, a merit-making ceremony, and activities showcasing the traditions of the ethnic Phu Thai Kutwa people.

The post 2022 Bun Bung Fai Rocket Festival in Isan promises plenty of sky-high action to watch appeared first on TAT Newsroom.

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Money Expo 2022 to Focus on Digital Assets

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BANGKOK (NNT) – Money Expo 2022 Bangkok will be held from May 12th to 15th at the Challenger Hall of Impact Arena Muang Thong Thani, with an emphasis on digital assets.

Santi Viriyarangsarit, Chairman of the Money Expo, said the annual event, the 22nd of its kind, will be organized by “Money and Banking” magazine under the theme “Wealth to Wellness.”

Offering products and services at the event are non-bank, insurance, and capital management firms, gold brokers, digital asset exchange service providers, digital asset consultancy companies, and financial service-related government units and private firms.

Santi said the event this year would conform to the new consumer behaviors in terms of investment trends and lifestyles. He explained that nowadays investors shift their focus to digital assets, adding that participating firms will help new investors get off the ground faster in digital asset investment.

The event will offer enthusiasts advice on digital asset investment, along with the latest happenings with the Web 3.0, NFTs, Metaverse, GameFi, and DeFi.

Aside from digital assets, event-goers can find more information about the stock market and gold investments from industrial gurus.

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Reporter : Na-ark Rojanasuvan

Rewriter : Thammarat Thadaphrom

National News Bureau : http://thainews.prd.go.th

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Matrade: Malaysia’s E&E exports to perform well despite Covid challenges, chip supply shortage risks

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Matrade: Malaysia’s E&E exports to perform well despite Covid challenges, chip supply shortage risks

 KUALA LUMPUR (March 29): The Malaysia External Trade Development Corporation (Matrade) expects the country’s electrical and electronics (E&E) exports led by semiconductor devices and integrated circuits (ICs) to perform well this year, despite the ongoing pandemic challenges and the global risks of chip supply shortage.

“In years of accumulating experience serving multinational companies in Malaysia and abroad, Malaysian manufacturers will continue to serve as a manufacturing hub for the E&E sector in the region, to meet the demands from the global customers,” said Naim Abdul Rahman, the corporation’s director of E&E, ICT, machinery and equipment. 

Malaysia’s E&E trade performance continued its upward momentum in January and February, with E&E exports rising by 19.6% year-on-year to US$20.18 billion during the period, Naim said in a webinar titled “Boosting Malaysian SME’s Competitiveness on the Global Stage” organised by SEMI Southeast Asia and Malaysia Semiconductor Industry Association on Tuesday (March 29).

In terms of major export products and markets, Naim said a similar trend is noticed whereby all top five export products recorded remarkable growth, while semiconductors remained as the largest E&E export products.

The top five export products for E&E include semiconductors and ICs; telecommunication equipment and parts; automatic data processing (ADP) machines; parts and accessories for office machines and ADP; and electrical machinery and apparatus.

By markets, Naim said Singapore was the largest, followed by the US, mainland China, Hong Kong and Vietnam.

“Matrade is always ready to connect Malaysian E&E companies with global customers and buyers wishing to outsource their E&E products and services for use back home or as support to their global operations,” he added.

SEMI Southeast Asia president Linda Tan told the webinar that the E&E industry is a key driver of Malaysia’s industrial development, contributing significantly to export earnings, investments and employment.

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Japanese Borrowing Plan to Operate Under Existing Quota

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BANGKOK (NNT) – The Ministry of Finance has clarified that the 13 billion baht borrowing plan from Japan will be carried out under the existing loan quota.

Finance Minister Arkhom Termpittayapaisith explained that the quota was implemented under a previous Emergency Decree approved by the government, allowing the ministry to take out loans of no more than half-a-trillion baht. The Ministry of Finance has yet to fulfill that loan quota, which aims to ease the economic slump triggered by the COVID-19 pandemic.

He noted that the low-interest deal with Japan came at an opportune time, as the Kingdom is facing liquidity issues that have affected its borrowing ability.

Prime Minister General Prayut Chan-o-cha stressed that loans under the decree will only be taken out of necessity, with priority given to local lenders. The Japanese loan deal was facilitated under the condition that the fund be used in affairs related to COVID-19, including improving COVID screening procedures along border areas.

He also assured that his administration is doing everything it can to manage Thailand’s financial situation, and that the nation’s fundamentals remain sound.

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Reporter : Na-ark Rojanasuvan

Rewriter : Paul Rujopakarn

National News Bureau : http://thainews.prd.go.th

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Thai Rice Exports Surge Amid Higher Middle East Demand

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BANGKOK (NNT) – Prices of rice exported from Thailand rose last week on increased demand from Middle Eastern markets, while Indian and Vietnamese rates were unchanged.

Thailand’s 5% broken rice prices were quoted at US$432-435 per ton, up from $410-414 last week.

A Bangkok-based trader said, “There has been an uptick in demand from markets like Iraq and Iran and also due to improved relations with Saudi Arabia.”

Traders said freighter costs, a major challenge for Thai rice export, have also been sidestepped because Middle Eastern buyers have sent their own freight for rice purchases.

They added that a weaker baht against the U.S. dollar also contributed to the rise in rice prices this week.

Top exporter India’s 5% broken parboiled variety was quoted at $361-365 per ton, unchanged from the last week.

Vietnam’s 5% broken rice was offered at $415 per ton on Thursday (28 Apr), unchanged from last week.

Meanwhile, the government in Bangladesh raised the price it will pay to farmers for the current season’s rice to 40 taka ($0.48) a kilogram, up from 36 taka a year ago, food minister Sadhan Chandra Majumder said.

Information and Source

Reporter : Natthaphon  Sangpolsit

Rewriter : Paul Rujopakarn

National News Bureau : http://thainews.prd.go.th

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Thailand’s latest entry requirements from 1 May 2022

This information has been updated on 30 April, 2022.

The following rules will be in effect from 1 May, 2022, with specific requirements for vaccinated and unvaccinated / not fully vaccinated travellers from all countries/territories with scheduled arrivals from this date.

Pre-arrival requirements

Vaccinated travellers must have the following documents for entering Thailand:

  • A valid passport, and a Thailand Pass (via https://tp.consular.go.th/), or a Border Pass for arrivals via border checkpoints.
  • An insurance policy with coverage no less than US$10,000. Thais and foreign expatriates under Thailand’s national healthcare coverage are exempt from this requirement.
  • A Certificate of COVID-19 Vaccination
    • Everyone 18 years of age and older must be fully vaccinated for COVID-19 with an approved vaccine at least 14 days before travelling to Thailand.
    • Travellers 5-17 years of age travelling to Thailand unaccompanied must get vaccinated with at least 1 dose of an approved vaccine at least 14 days before travelling to Thailand. Those travelling with parents are exempt from this requirement.
    • Travellers with a history of COVID-19 infection who have received at least 1 dose of an approved vaccine post-infection must have a medical certificate of COVID-19 recovery.

Unvaccinated / not fully vaccinated travellers must have the following documents for entering Thailand:

  • A valid passport, and a Thailand Pass (via https://tp.consular.go.th/), or a Border Pass for arrivals via border checkpoints.
  • An insurance policy with coverage no less than US$10,000. Thais and foreign expatriates under Thailand’s national healthcare coverage are exempt from this requirement.
  • A proof of prepayment for 5-night quarantine at government-approved hotel/s; such as, SHA Extra Plus (SHA++) hotel, or AQ Accommodation/s, plus a proof of prepayment for 1 RT-PCR COVID-19 test. Thais are not required to prepay for the test.

The quarantine is exempt for unvaccinated / not fully vaccinated travellers who are able to upload proof of a negative RT-PCR test within 72 hours of travel via the Thailand Pass system. The exemption also extends to travellers under 6 years of age travelling with parents.

On Arrival Requirements

Upon arriving in Thailand, all travellers must undergo entry screening including body temperature check, and present the required documents to the Immigration/Health Control officer to carry out the checks.

The vaccinated travellers will then be allowed entry and are free to go anywhere in the kingdom. *For arrivals by land using a border pass, they will be allowed a stay of no longer than 3 days within the specified areas only.

Likewise, unvaccinated / not fully vaccinated travellers who have uploaded proof of a negative RT-PCR test within 72 hours of travel via the Thailand Pass system will be allowed entry and are free to go anywhere in the kingdom.

Otherwise, unvaccinated / not fully vaccinated travellers must proceed to undergo the quarantine for 5 days. The trip to the prebooked accommodation must be by a prearranged vehicle on a sealed route within a travelling time of no longer than 5 hours. Then, they must undergo an RT-PCR test on Day 4-5. Travellers under 5 years of age, travelling with parents and undergo the quarantine together, can have a saliva test. Travellers whose test result returns as negative will be allowed to go anywhere in the kingdom, while those whose test result returns as positive will be referred for appropriate medical treatment and the expenses must be covered by the required insurance / own expense for foreign travellers, or national healthcare coverage for Thais and eligible foreign expatriates.

During the Stay

While in Thailand, both vaccinated and unvaccinated / not fully vaccinated travellers are advised to strictly follow the health and safety standards. Travellers who are experiencing COVID-like symptoms should get tested. If testing positive, they must get the appropriate medical treatment.

We wish all visitors an enjoyable, safe, and rewarding holiday in Thailand during this exciting time in which we are able again to welcome travellers from around the world.

Thailand’s latest entry requirements from 1 May 2022

The post Thailand’s latest entry requirements from 1 May 2022 appeared first on TAT Newsroom.

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