Economics
New sin-tax rates to bring extra $363 million to Thailand’s state coffer
The Excise Department says the new tax rates effective Sept 16 will raise prices of unhealthy foods and drinks, while generating 12 billion baht more on taxes from them annually
The Excise Department says the new tax rates effective Sept 16 will raise prices of unhealthy foods and drinks, while generating 12 billion baht more on taxes from them annually.
Director-general of the Excise Department Mr Somchai Poolsavasdi said the new tax rates will bring about 2% tax burden on business operators from the tax rates they previously paid.
This amounted to 12 billion baht more on tax revenues based on retail prices earned yearly by the department, he said.
But he assured that the new tax rates will meet international standards, be more transparent, basing less on consideration by tax officials, and boosting tax collection efficiency.
The new rates will affect sweetened drinks which were not taxed before such as green tea. It will have to pay 1.13-2.5 baht tax while canned coffee and fruit juices facing 1.35 baht and 6-54 satang respectively.For soft drinks, energy drinks, sport drinks, canned beer, bottled beer, they all will have higher taxes.
Prices for soft drinks will be 13-50 satang higher; 32-90 satang higher for energetic drinks and mineral drinks; 50 satang for canned beer; 2.66 baht for bottled beer; 8-30 baht for local whiskies; and 3-26 baht for imported whiskies.
Imported wines priced less than 1,000 baht will see higher price of 110 baht more, while imported cigarettes priced less than 60 baht will be 4-15 baht higher per packet, while over 60 baht cigarettes will see 2-14 baht increase in prices.The Excise Department insisted that officials will take legal action against manufacturers and importers who paid old tax rate for their goods but sell them at new price.
Source: New tax rates to earn extra 12 billion baht to state coffer – Thai PBS English News
Economics
Thai fruit exports to FTA markets up 107 percent
China, Malaysia, Singapore, Indonesia, the Philippines, Hong Kong, Australia and Chile are top importers of Thai fruits, especially fresh durian, mangosteen, longan and mango. Thai exporters are able to benefit from FTA privileges.
BANGKOK (NNT) – Thailand’s fruit exports continue to increase, despite the sluggish global economy caused by the COVID-19 pandemic, with key trade partners being countries that have free trade agreements (FTAs) with the kingdom.
Economics
The Future of Asia: greener but with a public and private debt hangover
The COVID-19 pandemic has been a perfect storm, destroying jobs, worsening poverty and inequality, and creating a public and private debt problem—especially for countries and firms already in fragile financial health beforehand
The Sydney Opera resumed live performances and the city of Melbourne recently hosted the Australian Open tennis tournament with fans (mostly) in attendance.
BANGKOK (NNT) – The government’s 50:50 co-pay campaign expiring on 31st March may not be getting an immediate campaign extension. The Minister of Finance says campaign evaluation is needed to improve future campaigns.
The Minister of Finance Arkhom Termpittayapaisith today announced the government may not be able to reach a conclusion on the extension of the 50:50 co-pay campaign in time for the current 31st March campaign end date, as evaluations are needed to better improve the campaign.
Originally introduced last year, the 50:50 campaign is a financial aid campaign for people impacted by the COVID-19 pandemic, in which the government subsidizes up to half the price of purchases at participating stores, with a daily cap on the subsidy amount of 150 baht, and a 3,500 baht per person subsidy limit over the entire campaign.
The campaign has already been extended once, with the current end date set for 31st March.
The Finance Minister said that payout campaigns for the general public are still valid in this period, allowing time for the 50:50 campaign to be assessed, and to address reports of fraud at some participating stores.
The Fiscal Police Office Director General and the Ministry of Finance Spokesperson Kulaya Tantitemit, said today that a bigger quota could be offered in Phase 3 of the 50:50 campaign beyond the 15 million people enrolled in the first two phases, while existing participants will need to confirm their identity if they want to participate in Phase 3, without the need to fill out the registration form.
Mrs Kulaya said the campaign will still be funded by emergency loan credit allocated for pandemic compensation, which still has about 200 billion baht available as of today.
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