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https://www.nationthailand.com/business/40011591

The government has been discussing the collection of digital asset taxes as it saw the importance of fintech and how such assets have grown quickly, Finance Minister Arkhom Termpittayapaisith told The Big Issue 2022 seminar with the theme “Future Crypto Future Thailand”, organised by Thansettakij on Wednesday.

Such transactions have caused challenges in regulation and guidelines have to be set up to take care of consumers, he said.

Arkhom said many countries have regulations. As for Thailand, he has already instructed the Securities and Exchange Commission (SEC) to regulate digital assets.

The SEC and the ministry is closely monitoring developments and discussing policies to handle new transactions and products. They are also discussing promoting the development of technology, business operations and, most importantly, protecting investors, Arkhom said.

He reiterated that tax-collection discussions had started back in 2018. Previously, there was only an income tax. However, there have been increasing transactions from buying, selling, exchanging, brokering, and fundraising via IPOs, the minister noted.

He said his ministry is collecting opinions from related organisations and the private sector to create guidelines for calculating tax.

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Arkhom said that a tax has actually been collected from 2018 but some people might not have been aware of it. So they might think this is a new tax.

On Tuesday, there were further discussions and he said he received “good suggestions”. He expected a decision to be finalised at the end of this month.

The ministry has placed importance on utilising digital assets so that these are beneficial to the economy but will not affect the monetary system.

Arkhom said he is always monitoring the development and exchange of digital assets because these have the potential to grow and become an important technology foundation for transactions without the need for middlemen.

He felt guidelines and practices from other countries must be adapted for use in Thailand.

Arkhom made it clear that the tax collection will be implemented fairly in a move to support investment and drive the economy forward with innovation.

Published : January 27, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011570

The Stock Exchange of Thailand (SET) Index is expected to fluctuate between 1,635 and 1,655 points on Thursday amid rising oil prices in response to tension between the US and Russia over Ukraine, Krungsri Securities said.

It said the index gained positive sentiment from mass buy-ups of company stocks whose business turnover last year was expected to grow.

“However, investments would come under pressure with the US Federal Reserve signalling that it would raise the interest rate in March to tackle inflation. So we advise investors to buy stocks which have gained specific positive sentiment,” Krungsri Securities said.

It recommended the purchase of the following shares as an investment strategy:

• PTTEP, Top, PTTGC, IVL and SPRC, which will benefit from the rising price of oil and the gross refining margin.

• BBL, KBank, KTB and BLA, which stand to benefit from news of a US interest rate hike.

• AOT, Mint, Centel, ERW and AAV, which would benefit from the resumption of the Test & Go scheme and the fourth phase of the “Rao Tiew Duay Kan” (We Travel Together) travel subsidy.

The SET Index closed at 1,643.44 on Wednesday, up 4.35 points or 0.27 per cent. Transactions totalled 85.44 billion baht with an index high of 1,649.82 and a low of 1,642.07.

Published : January 27, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011567

The baht opened at 33.15 to the US dollar on Thursday, weakening from Wednesday’s closing rate of 32.96.

The Thai currency is likely to move between 33.05 and 33.25 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said the baht is likely to fluctuate and weaken as the dollar strengthens after the US Federal Reserve signalled it would raise the interest rate in March to tackle inflation.

However, Poon said, the baht would not weaken much as some investors, especially exporters, would sell the currency when it reaches between 33.20 and 33.30 to the dollar.

Poon said there was speculation whether foreign investors would sell Thai stocks or purchase shares amid a rise in the crude oil price, which might increase the value of energy stocks.

Meanwhile, investors might sell their gold holdings. The baht could strengthen if gold reached $1,820-1,830 per ounce.

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Poon believes the Federal Reserve wants to keep the policy interest rate at 0 to 0.25 per cent. The Fed feels the US economy is recovering, especially the labour market, despite the Omicron situation. The inflation rate is still at 2 per cent, which is higher than the Fed’s target, Poon pointed out.

The currency market is in a risk-on state and again volatile after the Fed’s signal on rising the interest rate. The Fed said it might increase the rate four times, more than the market expected, if inflation goes higher, he said.

The market expects the Fed to increase the policy interest rate to 0.3 per cent in March, with some even thinking it could be 0.52 per cent, Poon added.

Published : January 27, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011527

Financial authorities plan to prohibit the use of digital assets to pay for goods and services by drafting six criteria to control the use of such assets and minimise the economic impact.

In a joint statement issued on Tuesday, the Bank of Thailand (BOT), the Securities and Exchange Commission (SEC), and the Finance Ministry (MOF) said they had jointly reviewed the benefits and risks of digital assets and deemed it necessary to regulate their use as a means of payment for goods and services to avert potential impacts on financial stability and the economic system.

“Digital asset business operators have expanded to cover services related to the use of digital assets as a means of payment for goods and services. Some have solicited businesses by offering to facilitate merchants and businesses in accepting digital assets, such as by setting up digital asset settlement systems,” the statement said.

“This may result in wider adoption of digital assets as a means of payment, aside from its use as investment, which could potentially impact financial stability and the overall economic system.

“The use of digital assets in this manner could also pose further risks to consumers and businesses through price volatility, cybertheft, personal data leaks, money laundering, etc,” the statement pointed out.

The regulators have therefore drafted six criteria for operators of the digital asset business to prevent the use of such assets to pay for goods and services:

– Digital asset business operators must not advertise or persuade shop owners that they can accept payment with digital assets.

– Operators must not provide a system or tool that facilitates shop owners to accept payment with digital assets.

– Operators must not provide an electronic wallet service to shop owners.

– Selling of digital assets in baht must be directly transferred to the operator’s own account.

– The transfer of digital assets or money from a seller’s account to another account for the purpose of goods or service payments is prohibited.

– Operators must not engage in any activity that promotes or supports the use of digital assets for goods or service payments.

SEC secretary-general Ruenvadee Suwanmongkol said that after discussions with BOT and the MOF, the commission is conducting a public hearing regarding the guidelines for using digital assets as a means of payment for goods and services to determine the appropriate frameworks in due course.

The public hearing is being held until February 8. Those interested can submit their opinions and suggestions to the SEC via its website, or e-mail anons@sec.or.th or ekarit@sec.or.th.

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Published : January 26, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011526

Department of Agriculture to provide special training to durian and mangosteen farmers regarding the use of safe insecticides and prevention of Covid-19 virus contamination on produce to be exported to China.

“Last year China has temporarily banned the import of longans from Chanthaburi after they had found traces of insecticides that are not approved by the Chinese government,” said Patchaphon Meunjaeng, deputy director-general of Department of Agriculture on Tuesday. “The Ministry of Agriculture and Cooperatives has coordinated with farmers and fruit processing factories to trace back to the source of insecticides and successfully fixed the problem, prompting China to eventually lift the ban.”

“To prevent such incident from happening again while the harvesting time of durians and mangosteens is drawing near, the ministry has tasked Department of Agriculture to provide training on the use of insecticides approved by foreign markets as well as the prevention of Covid-19 contamination on exported fruits,” he said. “Farmers who attend the training will also learn of regulations of Food and Agriculture Organization (FAO) and World Health Organization (WHO) regarding safety procedures in fruit manufacturing and packaging during Covid-19 pandemic.”

The training will be provided at Chanthaburi’s Agricultural Research and Development Institute from January 28 onward, whereas fruits farmers in the eastern provinces of Rayong, Chanthaburi, and Trat are welcome to attend.

Over 700,000 rai plantations in the three eastern provinces are dedicated to three economic fruits: Durian, mangosteen, and longan. Department of Agriculture estimated that this year’s output of the three fruits cold reach 1.3 million tonnes and generate more than 100 billion baht of income from export. The three provinces are also locations of 702 fruit processing factories.
 

Published : January 26, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011522

The baht opened at 33.00 to the US dollar on Wednesday, strengthening from Tuesday’s closing rate of 33.05.

The Thai currency is likely to move between 32.90 and 33.10 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said the baht is volatile and likely to swing sideways. However, it might weaken before a key US Federal Reserve meeting as investors are in a risk-off state, causing the dollar to strengthen.

Poon said the baht will not weaken much because the market is volatile and supporting the gold price. Gold sales might cause the baht to strengthen.

The key support level for the Thai currency will be between 32.80 and 32.90 – a level that importers are waiting for so they can purchase dollars. Meanwhile, the baht’s key resistance level will be from 33.10 to 33.20 – a level eyed by exporters so they can offload their dollars, he added.

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Published : January 26, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011520

The Stock Exchange of Thailand (SET) Index is expected to fluctuate between 1,630 and 1,650 points on Wednesday amid rising oil prices in response to tension between the US and Russia over Ukraine, Krungsri Securities said.

It said the index gained positive sentiment from mass buy-ups of value stocks by foreign investors.

“However, investors should beware of mass sell-offs that could follow the US Federal Reserve’s decision on the interest rate,” Krungsri Securities said.

It recommends investors purchase shares of the following companies as an investment strategy:

• BBL, KBank, KTB and BLA, which will benefit from news of a US interest rate hike.

• PTTEP, Top, PTTGC, IVL and SPRC, which will gain from the rising price of oil and the gross refining margin.

• AOT, Mint, Centel, ERW and AAV, which will benefit from the relaunch of the Test & Go scheme and the fourth phase of the “Rao Tiew Duay Kan” (We Travel Together) travel subsidy.

The SET Index closed at 1,639.09 on Tuesday, down 1.45 points or 0.09 per cent. Transactions totalled 84.77 billion baht with an index high of 1,641.68 and a low of 1,624.29.

Published : January 26, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/blogs/business/40011510

Amid rising public pressure for e-cigarettes to be legalised, the Department of Disease Control on Tuesday issued a nine-point handout on why Thailand must maintain the ban on their import and sale. Thai authorities must consider the full impact of legalising the sale of e-cigarettes, whatever their health impacts compared with regular cigarettes, said Department chief Dr Opas Karnkawinpong.

The International Union Against Tuberculosis and Lung Disease recommends that low- and middle-income countries such as Thailand ban the sale of e-cigarettes, arguing these countries lack the ability and resources to regulate them properly.

Policies on e-cigs vary across the world, with many health authorities choosing regulation rather than bans. They claim that e-cigarettes can help people quit or cut down tobacco smoking that causes millions of lung cancer deaths each year.

The Department of Disease Control’s nine reasons for maintaining the ban are as follows:

1. Electronic cigarette manufacturers target children and youths.

2. E-cigarettes are a source of regular smoking among children and youth.

3. E-cigs are dangerous and harm your health.

4. Nicotine is addictive and more dangerous than commonly thought.

5. E-cigarettes do not help you quit smoking.

6. E-cigarettes do more harm than good to society.

7. Legalising e-cigarettes would leave Thailand’s tobacco controls lagging.

8. Banning the sale of e-cigs is an important measure to protect children from exploitation.

9. Everyone should stick to a “safety first” policy, as Thai people’s lives are too valuable to risk.

Published : January 25, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/blogs/business/40011509

The Thai Digital Asset Association has submitted an offer to the Minister of Finance on ways to support and promote opportunities in the new financial industry and has suggested exemption from income tax on cryptocurrency trading for at least 3-5 years, Prinn Panitchpakdi, honorary adviser to the association, revealed.

When the digital asset business is strong, the government will be able to collect more corporate tax and value-added tax [VAT] from trading fees, and it may be possible to collect more than the tax on individual investors.

At the same time, there is also the issue of interpreting “NFTs” as a type of digital asset because there is every kind of tax involved, he said. For example, if it were defined as a commodity, there would be a 7 per cent VAT.

“I believe in the idea of ‘free tax, free crypto’, so exemption or postponement of crypto tax for five years or even using it as a deduction will be an opportunity for the digital assets business to grow,” Prinn said. This market is not yet mature enough for taxation. Investors may move away because the industry is global and investors can easily choose to trade with foreign exchanges, he warned.

The association said it supports the government’s adoption of blockchain to scrutinise the state budget, which would help reduce corruption. Blockchain systems also could be used for fundraising to enable startups and SMEs to be more flexible to raise funds from those who have excess capital, both Thai and foreign investors.

Published : January 25, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/blogs/business/40011508

The Fisheries and Customs departments on Tuesday joined hands to ban imports tainted by illegal, unreported and unregulated fishing (IUU) – a problem threatening Thailand’s US$6-billion (Bt198 billion) seafood export industry.

The departments signed a memorandum of understanding (MOU) aimed at boosting confidence among international trading partners about the seafood traceability system in Thailand.

Under the MoU, if the Department of Fisheries blocks importation of products due to IUU concerns, it will notify the Customs Department and importer/exporter of the reasons for its action.

Meanwhile if the Customs Department detects seafood being imported, exported or transported without a licence, it will notify the Department of Fisheries so it can take action.

Seafood shipments seized under the MoU will either be destroyed or distributed free of charge by the Customs Department to the poor or disadvantaged.

Published : January 25, 2022

By : THE NATION