BANGKOK (NNT) – An advisor of TISCO Bank Public Company has indicated that Thailand will become a full-fledged aging society next year, while warning that most senior citizens are not financially prepared for it.

Nattakrit Laotaweesap, Head Of Wealth Advisory of TISCO Bank, reiterated that many people reaching retirement age in 2023 will likely face financial difficulties even with government support. He cautioned that these individuals could lead less fulfilling lives than they had hoped, especially with inflation pushing up commodity prices.

By the end of March, Thai inflation hit 5.73% – the highest in 13 years – which Nattakrit said has forced retirees to dip into their savings. People are also likely to face higher medical expenses at an increasing average rate of 8% annually.

The advisor is recommending that retirees consider “Megatrends Retirement Planning” to ensure their post-working age financial stability. The plan includes investment in megatrends, especially in future trends of technology such as cloud computing and cyber security businesses. He noted that Metaverse-related businesses also have immense growth potential.

Additionally, the plan calls for reducing financial risks by investing in specialized insurance coverage that pays a lump sum to help with high deductibles due to treatment for serious illnesses.

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Reporter : Na-ark Rojanasuvan

Rewriter : Paul Rujopakarn

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

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BANGKOK (NNT) – A program under the Ministry of Commerce is ensuring that discounted products will continue to be offered at close to 100 locations in Greater Bangkok throughout this month.

DIT Deputy Director-General Arwut Wongsawas said his department has implemented the “Commerce…Discount! In Aid of the Public” campaign since October 2021. Over 2,000 events have so far been held under the program to reduce living costs and people’s expenses, earning 450 million baht in sales and contributing some 130 million baht in savings for the public.

In Greater Bangkok, sales under the program are held at locations designated by the Bangkok Metropolitan Administration and the National Housing Authority. 70 stationery selling points and 25 sales trucks are offering discounted goods from April 1-30.

Arwut added that provincial commerce offices in various provinces organize the sale of discounted goods in accordance with the local developments. For example, sales are taking place alongside provincial and district-level fairs and festivals, as well as in markets.

The deputy director-general said the DIT plans to continue the campaign via stationery selling points and mobile trucks, noting that the program is effective in reducing living costs and has been warmly received by the public.

Arwut also disclosed that the DIT now plans to sell ready-made meals at affordable rates through eateries participating in the Blue Flag campaign. Dishes will be sold for no more than 35 baht at 13,096 food shops and restaurants nationwide.

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Reporter : Natthaphon  Sangpolsit

Rewriter : Paul Rujopakarn

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

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BANGKOK (NNT) – The Cabinet this week approved 1.41 trillion baht in new borrowing for the current fiscal year to September, up from its previous plan of 1.36 trillion baht.

Deputy Government Spokesperson Rachada Thanadirek explained that the additional debt is part of a broader debt management strategy to reduce public debt to 62.76% of gross domestic product (GDP). This would keep it well below the 70% ceiling.

As of February, Thailand’s state debt stood at 60.17 percent of GDP.

She further clarified that the new debt strategy includes a 10 billion baht loan to the national oil fund to keep domestic gasoline prices stable without affecting living expenses.

Rachada said the government also intends to spend 29.3 billion baht on restructuring government debt due this fiscal year, which may include international borrowing. The administration would spend another 39.4 billion baht on investment projects.

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Reporter : Paul Rujopakarn

Rewriter : Paul Rujopakarn

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

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BANGKOK (NNT) – The Ministry of Finance has indicated that individual stock investors can expect to face a financial transaction tax this year in response to local market expansion.

Finance Minister Arkhom Termpittayapaisith reiterated that his ministry would proceed with its tax collection plan, affirming that this year would be the appropriate time to implement it.

He noted that the Thai stock exchange has seen significant growth, having been spared much of the negative internal economic effects of the COVID-19 pandemic. He also emphasized that the tax has been absent for over 30 years.

While not specifying when the tax proposal will take effect, the ministry said it will notify the Stock Exchange of Thailand (SET) in advance of the tax collection plan, Minister Arkhom said. He added that the tax plan is already in place and is not a new one.

The ministry has already convened with representatives of the SET and the Federation of Thai Capital Market Organizations to discuss the situation.

Minister Arkhom said eliminating the tax exemption on shares sold on the local market should assist the government in increasing its tax base and generating additional revenue for national development.

He also estimated that the government would earn up to 10 billion baht annually from the move, adding that the ministry will submit for Cabinet approval a ministerial regulation authorizing the tax.

For more than 30 years, the government has waived its proposed tax on SET dealers to promote market development. In addition to the 0.1% charge, investors would be subject to a similar local tax, totaling 0.11% of share sales.

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Reporter : Paul Rujopakarn

Rewriter : Paul Rujopakarn

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

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