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Tax exemption to be clarified for annual interest less than 20,000 baht

The banks will have to submit interest income information to the Revenue Department for consideration

National News Bureau of Thailand

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Revenue Dept, banks come up with solution to facilitate saving account depositors

BANGKOK, 25 April 2019(NNT) – On the requirement for depositors with an interest income of less than 20,000 baht per annum, officials from the Revenue Department, the Thai Bankers’ Association, and the Bank of Thailand held a meeting on Thursday (Apr 25) and have come up with a solution to assist bank customers.

The Spokesman for the Revenue Department, Pinsai Suraswadi, said the department will issue another notification to explain clearly the criteria for depositors who receive the withholding tax exemption if their annual interest amounted to less than 20,000 baht.

The banks will have to submit interest income information to the Revenue Department for consideration. The bank customers do not have to give consent to their banks submitting their account data to the department.

For those who do not wish to comply with the requirement, they have to notify their respective banks but they will not receive the withholding tax exemption.

The Deputy Secretary-General of the Thai Bankers’ Association, Chuleeporn Nuamthanong, said the banks are ready to submit relevant information to the Revenue Department. Initially, the system will be enhanced to support electronic sharing of information before the regulation comes into effect on May 15, 2019.

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Banking

Thai Baht currency control mulled by central bank

The Industry Minister proposed measures to help business owners, such as the promotion of Thai Baht as a currency for international trade to reduce the risks from US Dollar currency fluctuation

National News Bureau of Thailand

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BANGKOK, 15th August 2019 (NNT) – The Minister of Industry has held talks with the Bank of Thailand’s Governor over measures to control the fluctuation of Thai Baht currency, minimize impacts faced by SMEs and promote the import of machinery during this time to take advantage of the stronger currency.

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Banking

Thailand’s dangerous debt addiction

Thailand is now a top-ten highest household debt country among 89 countries worldwide and third highest among 29 Asian countries.

Olivier Languepin

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Thailand’s household debt has steadily increased to 78.6% of the country’s gross domestic products (GDP), or Bt12.8 trillion in the fourth quarter of last year, according to figures from the National Economic and Social Development Council.

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Banking

Thailand’s four challenges : Debt, inequality, plastics and climate change

Thais tended to get into debt faster, for longer and for higher amounts. Indebtedness starts as soon as they begin to work at age 25 and can increase until 56 years old.

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Bank of Thailand Governor Veerathai Santiprabhob, in his speech entitled “Formulating for the Future of Corporate Governance”, delivered at the Finance and Beyond National Director Conference 2019 in Bangkok (July 24th), said Thailand faces four challenges that require good governance in businesses to address.

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