The baht hit its lowest point in seven weeks, opening at 33.05 to the US dollar, down from Monday’s closing of 33.08.
The Thai currency is likely to move between 32.95 and 33.15 to the greenback during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
He says the baht is likely to swing sideways after it was strengthened by the country’s reopening. Poon reckons it may be too early to welcome foreign tourists because the Omicron situation may worsen if the government cannot control infections.
Meanwhile, many foreign investors are selling Thai stocks, though some are waiting to sell the baht. The Bank of Thailand may also stabilise the currency after it strengthened quickly in the short term.
Poon speculates the baht will swing sideways in the 32.90 to 33 to the dollar range.
He added that the market is in a risk-on state as it knows that the US Federal Reserve will use a tight monetary policy, while investors are also interested in reports from listed companies.
The United Nations is seeking expressions of interest for a two-year contract to supply its internet and phone operations in Thailand.
The United Nations is seeking expressions of interest for a two-year contract to supply its internet and phone operations in Thailand.
The UN said the selected provider(s) will be responsible for the provision of the internet, landline and mobile services at UNESCAP and UN agencies’ locations around Thailand, as follows:
Internet services: To provide highly reliable internet (5Mbps-2Gbps or more) with unlimited usage time and no restrictions such as proxy, firewall, or filtering server. To also supply consumer-grade internet services such as DSL, ADSL, Wi-Fi and fibre optic links.
Telephone services: To make and receive telephone calls effectively and efficiently to/from landline and mobile subscribers within Thailand and all countries in the world. To provide dedicated E1 PRI lines, SIP trunks, Individual analogue and digital telephone lines. To provide a special discount rate for international calling, to be compatible with VoIP technology. Approximate number of phones: 1900.
Mobile services: To provide national and international/roaming mobile voice, SMS, Internet data services. To provide at least EDGE/GPRS, 3G/4G/5G or better network coverage/technology throughout Thailand. To ensure number portability. To provide signal boosters and other equipment, at the responder’s expense, to ensure full coverage within the UN compound. To provide SIM cards, latest mobile devices such as conventional cell-phones, Android phones, iPhones, Android tablets, iPad and Mi-Fi for purchase, rent or lease. To offer mobile voice and data plans for both domestic and international/roaming at a monthly flat rate, unlimited data package, unlimited public Wi-Fi access, a-la-cart voice, data, SMS/MMS, etc. To provide a special calling discount to UNESCAP and UN agencies staff and their family members. Approximately 2,000-plus staff, 630 corporate mobile phones, and 760 mobile connections (SIM).
The contract will run for two years with three optional extension periods of one year each.
Taxes on cryptocurrency trading should be fair, clear, practical and promote trade, the Security and Exchange Commission (SEC)’s former deputy secretary-general Tipsuda Thavaramara said on Sunday.
The Revenue Department’s decision to discuss taxes for cryptocurrency trading with relevant agencies was a good move, she added.
Tipsuda also pointed out the three issues related to taxing cryptocurrency trading that are questionable, namely:
• Capital gains tax: The Revenue Department’s decision to collect capital gains tax is unfair and unpractical as digital asset exchange operators do not pay investment returns to customers. Withholding tax also affects transactions as stores that accept cryptocurrencies must collect capital gains tax from customers.
• Value-added tax (VAT): The Revenue Department considers cryptocurrency a product, so businesses and traders are required to pay VAT for selling cryptocurrency. Many other countries, like Australia, Singapore and some European nations, have waived this tax for the sale of cryptocurrencies.
• Tax on issuing tokens: The tax on the issuance of debentures should not apply to the issuing of investment tokens. The Revenue Department says all issuances are considered as income unless exemption is announced.
“Whether policies focus on the promotion of trade industry or not, the Revenue Department should collect taxes fairly under clear rules and practises,” she said.
The Revenue Department is further adjusting its income tax exemption structure to reduce benefits for high-income earners and increase them for low- and middle-income earners, the department chief said on Monday.
Ekniti Nitithanprapas said that under the current structure, the top 20 per cent of income earners enjoyed 80 to 90 per cent of tax exemption packages offered by the department, while middle/low-income earners saw few benefits.
Ekniti said the changes would boost tax revenue.
The change follows the earlier cancellation of tax exemption on LTF (long-term equity funds). Earlier, 15 per cent of LTF investments up to Bt500,000 could be deducted from taxable annual income.
The department is instead offering income earners a 30-per-cent deduction on Super Saving Fund investments up to Bt200,000.
“The restructuring will benefit middle- and low-income earners, reduce benefits enjoyed by high-income earners and allow the Revenue Department to earn more revenue from tax collection,” Ekniti said.
Currently, income earners can cite several investments as tax deductible. These include RMF (retired mutual funds), with 30 per cent of up to Bt500,000 deductible from annual taxed income. They can also deduct life insurance up to Bt100,000 from taxable annual income.
Finance Minister Arkhom Termpittayapaisith on Monday ruled out any reduction this year in the land and buildings tax, as relief had already been granted for two years and any further cuts would be a fiscal burden for the government.
He said that a 90 per cent reduction in land and buildings taxes granted in 2020 and 2021 had cost the government about Bt30 billion a year in lost revenue, which is a high burden.
The Finance Ministry has suggested that there be no further tax cuts and the legal rate be restored this year, he said.
The land and buildings tax is collected by the local government organisation. The amount is treated as local revenue, which is reinvested in developing that locality. When the government announced a 90 per cent reduction in the land and buildings tax in June 2020, the Finance Ministry had to find money to compensate local governments for lost revenue.
Previously, the government had postponed the deadline for residents of land and buildings to pay this tax from April to August. The usual tax will now be paid in April, starting 2023.
Thailand’s trade partners still have confidence in Thai pork despite the case of African swine fever (ASF) found in Nakhon Pathom last week, a Commerce Ministry aide said on Monday.
Mallika Boonmeetrakool, an adviser to Commerce Minister Jurin Laksanawisit, said the minister has instructed envoys in key trading-partner countries to monitor the situation.
Envoys told Jurin that key trading partners were still confident in the quality and hygiene of pork imported from Thailand, Mallika said.
For example, Hong Kong has so far refrained from banning pork imports from Thailand, he added.
Meanwhile Laos is still importing Thai frozen pork but checking live pigs from Thailand closely.
Last week, the Livestock Development Department confirmed that ASF was detected in a pork sample from a slaughterhouse in Nakhon Pathom. The Agriculture Ministry has denied allegations that it covered up an earlier ASF amid a 30 per cent drop in pig supplies and soaring pork prices.
Jurin was also told that Myanmar had imposed tight controls on Thai pork importers, who required a hygiene certificate from Myanmar livestock officials.
Mallika said Cambodia stopped importing Thai pork last year in a move to promote domestic pig farming. However, Cambodia announced a total ban on Thai pig imports last week after ASF was found in Nakhon Pathom. Taiwan also banned all Thai pork imports following the ASF finding.
Meanwhile, the International Trade Promotion and Development Department will promote hygienic pig-farming practices social media to boost confidence among foreign buyers.
On the calls to allow pork imports to address the shortage in Thailand, Mallika said the country has not imported pork for years over a health scare involving red food dye.
She said government agencies would carefully weigh the issue as imports could impact Thailand’s pig farmers.
In the first 11 months of last year (January to November), Thailand exported 1.04 million live pigs worth Bt7.186 billion. It also exported 13,615.8 tonnes of pork worth Bt1.657 billion and 4,479.2 tonnes of processed pork worth Bt1.018 billion.
The African Swine Fever (ASF) should not affect Thailand’s pork exports as it is strictly adhering to standards set by the World Organisation for Animal Health (OIE) and importers, the Department of Livestock Development said on Sunday.
Sorawit Thaneeto, the department’s director-general, said relevant agencies have been tasked with studying the impact ASF may have on imports and ensuring the losses are minimised.
The largest importers of Thai pork are Hong Kong and Japan.
Sorawit said Thailand is adhering to the following regulations:
• For countries that do not have strict controls, the department will ensure all pork products are ASF free by testing pigs before they are slaughtered and conducting random tests on finished products.
• In line with OIE regulations, all ready-to-eat pork products will be cooked at 70 degrees Celsius for at least 30 minutes or fermented with salt and dried for at least six months. Sausage casing will be fermented with salt, saline solution or phosphate salt for at least 30 days.
• For countries that have tight regulations on pork import, the department will negotiate with relevant agencies so Thailand can continue exporting. For instance, Singapore’s regulations say that pork-exporting countries must be safe from ASF for at least three months.
• The department will also study pork export based on importers’ regulations and other factors such as the Covid-19 situation.
Sorawit said he expects Thailand’s pork export this year to be similar to last year when some 23,000 tonnes of pork products worth 3.64 billion baht were shipped out.
He added that the Commerce Ministry has halted the export of live pigs for three months until April 5, and after that “the department will consider its guidelines in line with the situation”.
The Stock Exchange of Thailand (SET) Index rose by 3.86 points or 0.23 per cent to 1,676.49 in the morning trade on Monday (January 17) with transactions totalling 1.7 billion baht.
Chaiyaporn Nompitakcharoen, Bualuang Securities Deputy Managing Director of Non-Institutional Broking Group forecast SET would move between 1,660 and 1,685 points in line with the rise in other Asian indices.
He said the index gained positive sentiment from investors’ speculation in bank shares in hopes of improving business turnover.
“Meanwhile, energy shares also gained positive sentiment from rising oil prices,” he added.
The SET Index closed at 1,672.63 on Friday, down 7.39 points or 0.44 per cent. Transactions were totalled 90.98 billion baht with an index high of 1,680.02 and a low of 1,670.70.
CPF will apply “SustellTM”, a sustainability tool designed specifically for the livestock and agro-industry businesses to help collect data, analyze and find sustainable ways to reduce the environmental footprint in the livestock business.
CPF (Thailand) Public Company Limited or CPF signed a Memorandum of Understanding (MoU) with Dutch multinational firms, Royal DSM NV, an expert in food and nutrition solutions and Blonk Consultants, leading firm in environmental and sustainability research in the agri-food sector, on Animal Protein Sustainability Project.
Under this MoU, CPF will apply “SustellTM”, a sustainability tool designed specifically for the livestock and agro-industry businesses to help collect data, analyze and find sustainable ways to reduce the environmental footprint in the livestock business.
The Sustell Service is the first service of its kind, an environmental footprint calculation tool that analyze the environmental impact in multiple dimensions throughout the product life cycle such as climate change, resource use, water scarcity, marine and freshwater eutrophication, ozone depletion, and etc. The results will be verified by Third Party internationally to ensure accuracy and transparency.
Prasit Boondoungprasert, Chief Executive Officer at CPF, said, with a “Sustainable Kitchen of the World” vision, the company places importance upon the development of quality, safe and environmentally friendly products. By partnering with leading experts in sustainable food production like DSM and Blonk Consultants, the company will be able to improve its products and creating sustainability for the society and environment.
“This cooperation is in line with CPFs’ direction of producing and delivering high quality protein products that are delicious and having better nutritional value for consumers. It also important to apply digitization in every part of production for a better quality and cost efficient. SustellTM will increase the accuracy of environmental impact data analysis and meet the global trends and our stakeholders’ demand on the sustainable foods,” said Mr. Prasit.
This environmental footprint calculation tool will also support the development of nutritional and sustainable innovations, such as probiotics-fed meat and green products. At present, the company has a total of 790 food products that have received Carbon labels, helping to reduce greenhouse gas emissions by 1.418 million tons CO2 equivalent. Meanwhile green revenue is now accounted for 32% of the total income.
Ivo Lansbergen, President, Animal Nutrition and Health at DSM Nutritional Products Company Limited said that CPF and DSM have been a long-time partner that working together on nutrition development. The implementation of SustellTM will enable CPF to find a hot spot in the life cycle of each product and use the data to improve processes to be more efficient and sustainable.
The Sustell Service goes beyond assessment by providing expert advice to help CP Foods understand its footprint and how to make improvements thanks to the dedicated Expert Center combining Blonk Consultants’ independent LCA expertise and DSM’s nutrition and sustainability expertise.
“This one-of-a-kind service will improve efficiency of CP Foods protein production with more in-depth traceability across the production chain,” concluded Mr. Ivo.
Dow Thailand is certified for its production process of LLDPE (Linear Low-Density Polyethylene) in the Map Ta Phut Industrial Estate and specialty elastomers in the Asia Industrial Estate in Rayong.
The polyethylene and specialty elastomers plants of Dow Thailand Group recently received the International Sustainability and Carbon Certification (ISCC) under the ISCC PLUS scheme for advancing the circular economy of plastics, with a new technology to utilize waste as circular feedstocks. The initiative helps divert plastic waste—which otherwise would be sent to landfills—for plastic resin production.
Under the Circular Economy principle, Dow Thailand is certified for its production process of LLDPE (Linear Low-Density Polyethylene) in the Map Ta Phut Industrial Estate and specialty elastomers in the Asia Industrial Estate in Rayong. Dow can utilize used plastic as circular feedstocks, together with original material from crude oil (Virgin Naphtha). The raw materials are fully traceable throughout the value chain, following the chain of custody of mass balance.
“The certificates are important milestones on our path towards greater sustainability. It demonstrates our commitment to environmentally responsible operations by procuring alternative raw materials to reduce the use of resources from crude oil. We are pleased to work hand in hand with our customers and partners to shift from a traditional linear economy to a circular economy. The green product will enable an endless cycle of plastics in Thailand,” said Decha Panichayapichet, Site Director of Dow Thailand.
This achievement marks the first time that Dow manufacturing plants in the Asia Pacific region are certified with ISCC PLUS, a renowned and widely accepted global certification system that brings high standards to sustainability. The certification aims for a world in which raw materials are produced sustainably and induce positive, long-term environmental, social, and economic impacts. Today, ISCC has certified over 4,000 companies in more than one hundred countries.
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