Banking
Banks to send savings accounts interest data to Revenue Department
Thai Banks will send savings accounts interest data to Revenue Department, but interest less than 20,000 baht will be exempted from tax

BANGKOK, 5 May 2019(NNT) – On discussions regarding savings account interest tax deductions, the Revenue Department (RD) has reached a conclusion requiring all banks to submit savings account interest payment data to the RD, with all interest payments less than 20,000 baht exempted from tax.
Account owners wishing that their information not be sent automatically to the RD must inform their bank, whereupon they will be subjected to taxation.
The Revenue Department Director General Ekniti Nitithanprapas has revealed the department’s discussions with the Thai Bankers’ Association, the Association of International Banks, and Bank of Thailand on 25th April regarding savings account interest tax deductions, saying that banks will submit interest payment data to the RD, and the RD will screen it for individuals who have received interest payments exceeding 20,000 baht, and inform the bank to make a tax collection.
Interest payments less than 20,000 baht exempted from tax
Persons who have received less than 20,000 baht interest payment will be exempted from taxation.
Account owners can also request the banks not to send their account information to the RD by informing their banks, who will however apply a 15% tax deduction from interest payments to these accounts.
The Thai Bankers’ Association President, Predee Daochai said yesterday that persons who wish not to have their account information submitted to the Revenue Department must fill out a request form at the bank where they have their accounts between 7-14 May 2019, and the tax deduction will be made from all interest payment from June onwards.
Banking
Corporate debt market in Thailand well positioned for further growth
Brazil, China, South Africa and Thailand are best-placed for corporate debt market growth says Moody’s Investors Service in a report that analyzed trends in 35 emerging markets.

Corporate debt markets in Brazil (Ba2 stable), China (A1 stable), South Africa (Baa3 negative) and Thailand (Baa1 positive) are best-placed to achieve further growth in the coming years, Moody’s Investors Service said today in a report that analyzed trends in 35 emerging markets.
(more…)Banking
BOT relaxes rules to Curb Strong Baht
the Bank of Thailand (BOT) decided to relax regulations to facilitate capital outflows to help promote capital flow balance and lessen pressure on the baht.

The Thai baht has been under pressure due to imbalanced capital flows in the current environment of highly uncertain and volatile external conditions, the Ministry of Finance (MOF) and the Bank of Thailand (BOT) decided to relax regulations to facilitate capital outflows to help promote capital flow balance and lessen pressure on the baht.
(more…)Banking
Bank of Thailand cuts rate by 0.25% to 1.25 per cent
The latest cut brings the Bot’s policy rate to an historical low, which the bank maintained from April 2009 to July 2010 during the subprime global financial crisis.

On 6 November 2019, the MPC voted 5 to 2 to reduce the policy rate by 0.25 percentage point from 1.50 to 1.25 percent, effective immediately. Two members voted to maintain the policy rate at 1.50 percent.
(more…)- Lifestyle1 week ago
Bangkok drops to 20th spot on expat-friendly cities ranking
- Lifestyle4 days ago
Bangkok enters top 50 most expensive locations for expatriates
- Economics3 days ago
ADB Trims Southeast Asia’s growth forecast to 4.4%
- Tourism12 hours ago
Thai bank forecasts 23 million Chinese tourists in Thailand by 2030