BANGKOK (NNT) – Thailand’s Finance Ministry has teamed up with the World Bank and the Asian Development Bank (ADB) to conduct a study into how the government can ensure sustainable revenue growth through the tax restructure.

Fiscal Policy Office Director-General Kulaya Tantitemit said the new tax structure would ensure fair treatment, keep pace with the economic environment and be in line with international best practices.

She said the ministry has taken many measures to improve its tax collection capacity and to provide greater convenience to people when paying tax, in order to further expand its taxpayer base. Among the measures included is the support for online tax payments and adoption of technology, such as blockchain, to bolster tax collection management and tax payment monitoring.

According to Kulaya, the Finance Ministry has reviewed tax-related laws, to make sure they are in line with the current situation, including the introduction of an e-service tax. Starting Sept 1, overseas businesses, providing online services in Thailand, will be required to register for 7% VAT liability, if their annual income exceeds 1.8 million baht.

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BANGKOK (NNT) – The Budget Bureau notes that the Thai government plans to increase its investment budget by 90 billion baht in fiscal year 2022, in compliance with a law related to state financial and fiscal discipline.

Budget Bureau Director Dechapiwat Na Songkhla said, of the 90 billion baht the government plans to add to the 2022 investment budget, 50-60 billion is from the 500-billion-baht emergency loan. The remainder comes from the 2022 investment budget of state agencies and enterprises.

According to the 2022 fiscal budget bill, which has public spending set at 3.1 trillion baht, accounting for 17.9% of GDP, the government would need to borrow 700 billion baht to offset the deficit.

However, the bill set the investment budget at only 624 billion baht, lower than the deficit of 700 billion. This means the government would have to raise the investment budget to more than 700 billion baht, to comply with the 2018 law governing state financial and fiscal discipline, as the investment budget must not be less than the deficit amount in the state’s annual budget.

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BANGKOK (NNT) – The Prime Minister will be chairing a CCSA meeting on the Phuket Tourism Sandbox scheme tomorrow with a final on-site inspection scheduled for 25th June, while the countdown for the 120-day national reopening timeframe will start on 1st July.

The Deputy Prime Minister and Minister of Energy Supattanapong Punmeechaow today revealed the Center for COVID-19 Situation Administration will be convening a full-panel meeting tomorrow to consider the operational model for Phuket Tourism Sandbox, as proposed by the Minister of Tourism and Sports.

The CCSA will then conduct an on-site inspection on 25th June to check on final preparations of the island province before it reopens for vaccinated international visitors, with the Prime Minister Gen Prayut Chan-o-cha himself or DPM Supattanapong presiding over the inspection.

During the inspection visit, the government will be following up on the preparedness of visitors’ screening measures, the checkpoints for land, sea, and air travels, as well as holding discussions with local businesses on the post-pandemic economic recovery plan, and to receive the latest reopening updates from the Province.

With the sandbox campaign, Phuket will be the first area in Thailand to reopen to vaccinated international tourists from 1st July with certain restrictions applied, including testing requirements and a 14-day interprovincial travel prohibition.

In addition to holidaymakers, Phuket will serve as an area where Thai and international businesspersons can meet without quarantine restrictions, benefiting the country’s commercial sector as well as the tourism sector.

Announced yesterday by the Prime Minister in a televised broadcast, the government has set a 120-day timeframe to reopen the country. Mr Supattanapong said the countdown for this 120-day period will commence on 1st July as well.

The DPM and Energy Minister said economic outcomes from Phuket will be evaluated daily or monthly, as the government intends to open up more areas in the country for international visitors ahead of the national reopening.

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