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https://www.nationthailand.com/business/40013194

The Cabinet on Tuesday approved value-added tax (VAT) exemption and personal income tax deduction on cryptocurrencies and digital token trading.

The draft royal decree on VAT exemption, which covers the trade of cryptocurrencies or digital tokens in digital asset exchanges and digital currencies issued by the Bank of Thailand (BOT), will come into effect from April 1 this year and last until December 31 next year.

Meanwhile, the draft ministerial regulation on personal income tax deduction will be calculated from profit minus loss in the same tax year since May 14, 2018, resulting in a decline in tax payment.

“Investment in digital assets has been developing quickly, so investors must pay 15 per cent of profit from cryptocurrencies or digital token trading after a loss deduction in personal income tax,” said government spokesman Thanakorn Wangboonkongchana.

He said these measures aim to facilitate and maintain fairness among those who invest in digital assets as there are many limitations in VAT-related laws, such as volatility in the value of digital currency and unclear profit and loss.

Thanakorn said BOT is evaluating the efficiency of a retail central bank digital currency on payment and transfer.

“These measures also help support the development of infrastructure, payment systems and the digital economy,” he said.

Prime Minister Prayut Chan-o-cha has ordered the Finance Ministry to discuss with BOT and the Securities and Exchange Commission the implementation of a clear digital asset-related policy and measures to meet with changes in the digital asset market, Thanakorn said.

“The government aims to maintain fairness among investors and entrepreneurs in the digital asset market, promote a fintech driven finance industry, stimulate investment and create innovations for the country,” he added.

Published : March 09, 2022

By : THE NATION

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https://www.nationthailand.com/business/40013192

The Stock Exchange of Thailand (SET) Index is expected to rebound to between 1,630 and 1,635 points on Wednesday amid easing tensions between Russia and Ukraine, Krungsri Securities said.

It said rising oil prices would also help boost the index, especially energy shares.

“However, uncertainty over inflation and an economic slowdown due to the prolonged Russia-Ukraine conflict would pressure the index,” Krungsri Securities said.

It recommends the purchase of the following as an investment strategy:

• KBank, BBL, TTB, KTB and BLA, which would benefit from a rising US bond yield and news of a US interest rate hike.

• PSL and TTA, which would gain from the increasing freight rate.

• PTTEP, PTT, Top, SPRC, BCP, Banpu, UBE, TVO, Global and DoHome, which would benefit from a rise in commodity prices.

The SET Index closed at 1,619.10 on Tuesday, down 7.6 points or 0.47 per cent. Transactions totalled 149.93 billion baht.

Published : March 09, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40013179

The value of Thai exports has risen by more than 200 per cent in the second month since the Regional Comprehensive Economic Partnership (RCEP) came into effect, with total exports of Bt1.165 billion in the first two months.

Pitak Udomwichaiwat, director-general at the Department of Foreign Trade, said the value was estimated from applications by exporters seeking to exercise their rights under the RCEP agreement.

From January 1, when the RCEP agreement took effect, until February 28, Thai exporters had sought certificate of the country of origin for RCEP exports valued at a total of Bt1.165 billion.

Pitak said exporters sought the certificate for RCEP exports worth Bt277.84 million in January, but the amount rose to Bt887.67 million in February.

The biggest value of Thai exports for which the certificate was sought under RCEP was to Japan, totalling Bt540.36 million.

Most of the exported goods were canned fish, followed by canned vegetables and textiles.

China was the second highest importer of Thai goods under RCEP at Bt453.95 million and South Korea was third with export value of Bt171.21 million.

Pitak said vegetables and fruit were the biggest category of goods that Thai exporters sought the certificate of origin for under the RCEP agreement, followed by tapioca, longan, durian and coconuts.

He said Thai exporters mostly exported airbags and inflating kits and motorcycles to South Korea.

Pitak noted that Thai exporters already enjoyed tax privileges under other FTA agreements but they were opting to tap the RCEP agreement because it is much easier for them to get the certificate of origin.

Pitak added that Thai exporters can also register with the Department of Foreign Trade to be able to issue their own certificate under the Self-Declaration by Approved Exporters system.

Published : March 08, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40013172

Demand for electric vehicles in Thailand will strengthen over the next two years before surging in 2024, according to a KResearch survey.

The research arm of Krungsri Bank surveyed 818 vehicle owners from November 10 to 30 last year. About 64 per cent of respondents were male and almost all were aged 35 to 54.

The survey showed demand for EVs is likely to pick up through 2022 and 2023, though sales will be concentrated in the mid-to-upper price range, KResearch said.

However, demand will accelerate in 2024 and as market focus shifts to smaller, more affordable vehicles.

Electric vehicle owners in the survey cited lower running costs (81 per cent), reduced environmental impacts (73 per cent), and technological appeal (59 per cent) as the three biggest reasons for buying EVs.

Branding and non-financial benefits such as access to special EV parking facilities did not appear to influence purchasing decisions.

For non-EV owners, the most commonly given reasons for not buying an EV were related to charging. The biggest deterrents were the limited number of charging stations, low range, the high purchase price of EVs compared to conventional vehicles, and slow charging speeds.

Eighty-three per cent of respondents expected to buy a vehicle within the next five years, citing the age of their current vehicle and desire to upgrade.

The 17 per cent who did not expect to buy a vehicle in the next 5 years said their vehicle was not old enough to need replacing and that EVs were too expensive.

Respondents were most interested in smaller EVs priced Bt750,000-1 million with a range in excess of 500 kilometres, service costs below 1 per cent of the ticket price, and charging times of 15-30 minutes per 100 kilometres, Krungsri Research said.

Meanwhile, 88 per cent said they would charge their EV at home, 50.4 per cent would use service stations, and 30.5 per cent would use department-store charging stations.

Survey respondents identified nine factors affecting their decision to buy an EV:

– Age of current vehicle

– Number of vehicles currently owned by the family

– Respondent’s level of technology adoption

– Respondent’s age

– Respondent’s education level

– Average distance travelled daily

– Respondent’s income

– Where they lived

– Respondent’s possessions

Published : March 08, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40013152

The Stock Exchange of Thailand (SET) Index is expected to fall to between 1,615 and 1,620 points on Tuesday amid the ongoing Russia-Ukraine crisis, Krungsri Securities said. The SET slide is expected to decelerate after falling more than 45 points on Monday.

Krungsri Securities said the index would be under pressure from stagflation due to the push for a ban on Russian oil.

“However, the rising oil price would help boost the index, especially energy shares,” it added.

It recommends the purchase of the following as an investment strategy:

• PTTEP, PTT, TOP, SPRC, BCP and BANPU will benefit from the rising price of oil, coal and gross refining margin.

• APURE, SUN, TVO, TWPC, UBE, PERM, GLOBAL and DOHOME will benefit from rising commodity prices.

• PSL and TTA will benefit from the rising freight rate.

The SET Index closed at 1,626.70 on Monday, down 45.02 points or 2.69 per cent. Transactions totalled 127.03 billion baht.

Published : March 08, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40013145

The baht opened at 33.05 to the US dollar on Tuesday, weakening from Monday’s close of 33.00 to its lowest point in a month.

Krungthai Bank market strategist Poon Panichpibool forecast the Thai currency would move between 32.85 and 33.10 during the day.

Poon said the baht’s sudden weakening on Monday will slow after passing the resistance level at 33 to the dollar.

However, the baht might weaken further if the market maintains a risk-off state and foreign investors sell more Thai assets.

Meanwhile, the baht might be supported by gold-selling if the Ukraine-Russia conflict eases, so investors should monitor peace negotiations, Poon said.

He expected exporters to sell dollars when the baht reaches the key resistance level at 33.20.\

He expected a key support level of 32.50, at which point importers would buy the dollar.

The Russia-Ukraine war was encouraging a risk-off state, which means markets will remain volatile. Poon said business operators should use hedging tools such as options to manage risk.

Published : March 08, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40013135

Gold prices rode a new high on the back of the Russia-Ukraine war with gold shops selling a baht weight of gold bar at Bt30,600 on Monday.

The selling price of gold bars closed at THB30,600, while the purchase price for one baht weight (15.244 grams) was THB30,500, the Gold Traders Association said.

Jitti Tungsitphakdee, president of the Chin Hua Heng Goldsmiths and chairman of the Gold Traders Association, said the prices of gold bars had risen by THB2,000 from the prices during the Chinese New Year celebrations.

The buying price of gold ornaments weighing one baht closed at Bt29,956.16, while the selling price was Bt31,100.

Prices jumped by THB350 from the previous trading day.

Jitti said if the war continues, the price of gold is expected to keep rising.

He said his shop had arranged about Bt100 million in cash for buying gold from customers.

He, however, added that the queues in front of gold shops were not as long as when the Covid-19 crisis started two years ago.

He explained that gold prices had been increasing since the Chinese New Year Festival. Many people had been selling their gold since then, therefore there were not too many people coming to the shops to sell gold now.

He said most sellers were now speculators, in a bid to make a quick profit.

Published : March 07, 2022

By : THE NATION