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 economy to grow 4% in 2021 following 6.5% decline in 2020
The World Bank is now expecting the Thai economy to see 4% growth this year, and a 4.7% growth in 2022, despite current challenges from the new wave of COVID-19 infections.

The World Bank now expects that the Thai economy to expand by 4 per cent in 2021, according to the latest World Bank Thailand Economic Monitor report “Restoring Incomes, Recovering Jobs” released on Wednesday (Jan 20).
(more…)Banking
BoT sees mild impact of new COVID-19 wave on the economy
The Bank of Thailand (BoT) does not see the new wave of COVID-19 infections as having as much of an impact on the economy as the first wave, as fewer businesses have had to be suspended.

BANGKOK (NNT) – Despite a new and wider wave of COVID-19 infections in the country, the Bank of Thailand (BoT) has assessed that the economic impact of the situation will not be as severe as the first wave as the effects of the virus are not as pronounced, and public health preparations, including plans for vaccination, are in place.
(more…)Economics
COVID-19 brings first consumer confidence drop in 3 months
Consumer confidence in December 2020 was measured at 50.1 points, down from 52.4 the previous month. Economic confidence was also down to 43.5 from 45.6 points.
-
Forex1 week ago
Leverage from Forex Brokers & How Beginners Can Benefit from It
-
National4 days ago
Human trafficking cases in Thailand hit decade low due to COVID-19
-
Economics4 days ago
Thai economy to grow 4% in 2021 following 6.5% decline in 2020
-
Banking6 days ago
Can Fintech drive a strong post-COVID-19 recovery in Asia?