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https://www.nationthailand.com/business/40011701

This year’s Chinese New Year festival is only expected to lure some 527,900 tourists and generate just 1.93 billion baht owing to fears over Omicron as well as the rising cost of living and household debt, Tourism Authority of Thailand (TAT) governor Yuthasak Supasorn said on Saturday.

He said once again, Bangkok’s Chinatown is not bustling with Chinese New Year preparations, while celebrations in many other provinces have been cancelled for a second year running due to fears of an outbreak. Also, he said, the rising cost of living and household debt is forcing people to tighten their purse strings.

“Kasikorn Research forecasts that even though Bangkokians will make merit and travel during the Chinese New Year festival, they will control their spending to cope with high living costs,” he said.

Yuthasak added that TAT has organised Chinese New Year activities in two areas, namely celebrations in Ratchaburi and light decorations in Bangkok’s Yaowarat area. TAT is also providing support in organising celebrations in Suphanburi and Nakhon Sawan.

“We expect about 192,600 tourists to travel to Suphanburi and Nakhon Sawan and generate 1.08 billion baht in revenue as tourists can take day trips to the two provinces,” he said. “Thai-Chinese and Chinese nationals often visit these provinces to pay respect to sacred objects.”

He reckons Bangkok’s Chinatown will be able to generate some revenue because ethnic Chinese people need to buy offerings despite rising prices.

“Also people will need to buy food for family feasts,” he added.

Published : January 30, 2022

By : THE NATION

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https://www.nationthailand.com/business/40011676

Thailand is looking to export halal chicken to Saudi Arabia now that ties between the two kingdoms are starting to normalise, Commerce Minister Jurin Laksanawisit said on Saturday.

He added that his ministry’s Department of International Trade Promotion and Department of Foreign Trade have been discussing the issue with their Saudi Arabian counterparts for a while now.

“We will sell chicken – halal chicken – to Saudi Arabia. Progress has been made in talks and we are just waiting for an official normalisation of bilateral relations,” said Jurin, who also doubles as deputy prime minister.

On Tuesday, Prime Minister Prayut Chan-o-cha visited the wealthy Middle East nation at the invitation of Crown Prince Mohammed bin Salman Al Saud.

The commerce minister added that apart from chicken, other Thai products also have the potential for export to Saudi Arabia, which he described as a wealthy market and a window to other states in the Middle East.

He likened Prayut’s recent visit to “opening the door” for the Commerce Ministry to work more comfortably with their Saudi counterparts.

Both sides have agreed to rebuild ties after they were soured over the “blue diamond affair” when a janitor stole a king’s ransom in jewels and rare gems in 1989. The deaths of three Saudi diplomats and the disappearance of a Saudi businessman in Thailand were also linked to the theft.

Published : January 29, 2022

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https://www.nationthailand.com/business/40011663

The Revenue Department plans to ease tax rules for investments in digital assets by allowing traders to offset annual losses against gains for taxes due on cryptocurrency investments, and exempt transactions from withholding tax and value-added tax, which is normally collected at 15 and 7 per cent respectively.

“The rules will apply to transactions conducted via business operators or exchanges regulated by the Securities and Exchange Commission [SEC],” Ekniti Nitithanprapas, director-general of the Revenue Department, said on Friday.

Other criteria include the offsetting of losses against gains being done within the same tax year.

Ekniti added that the department will issue a guidebook on tax calculation for digital asset traders on January 31. The guide will also cover details on two eligible cost calculation approaches, which are first-in, first-out (FIFO) and moving average cost. Traders can switch between these approaches in the next tax year.

“The Revenue Department will discuss with digital asset communities and relevant agencies the possibility of amending related laws to further improve tax collection on digital assets,” Ekniti said. “For instance, adding a revenue code that lets business operators or exchanges collect withholding tax and submit to the department, and imposing financial transaction tax instead of VAT for digital assets that serve as securities.”

Digital assets have significantly expanded in Thailand over the past few years, with average daily trading increasing from 240 million baht to 4.83 billion baht. Total estimated asset value has also jumped from 9.6 billion baht to 114.5 billion baht, while the number of digital asset users has surged from about 170,000 to more than 1.9 million people.

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Published : January 29, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011644

The Finance Ministry predicts a 4-per-cent growth in Thailand’s gross domestic product (GDP) this year, fuelled by higher domestic spending and 7 million foreign tourists.

This forecast is based on the 1.2 per cent boost to the economy, as the last quarter of 2021 saw an estimated 0.9-1.3 per cent expansion, ministry spokesman Pornchai Theeravet, who also doubles as the Fiscal Policy Office director, said on Friday.

Thailand’s growth in the second half of last year was higher than expected as it was propelled by a jump in exports, the government’s stimulus measures, the private sector’s higher consumption and investment expansion, the official said.

The export sector grew by about 19 per cent last year, thanks mainly to the recovery of its trade partners, compared to a 6.5 per cent drop in 2020.

Also, the number of foreign arrivals after Thailand’s reopening was higher than expected, he said. Since reopening on November 1, the country has seen as many as 420,000 foreign arrivals compared to 180,000 in the previous year.

Pornchai said the easing of Covid-19 measures has also pushed up consumer spending, which should boost the Thai economy by about 3.5 to 4.5 per cent.

Consumption of the private sector is expected to grow 4.5 per cent year-on-year, while exports will expand 3.6 per cent.

The resumption of the Test & Go scheme for foreigners from February 1 is expected to attract as many as 7 million arrivals.

However, Pornchai pointed out that some factors could affect economic growth, such as more Covid-19 waves, fluctuations in global economy and finance, slow recovery of the labour market, disruption in supply chain and surge in the price of energy and crude oil.

Published : January 28, 2022

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https://www.nationthailand.com/business/40011637

A House committee will on February 10 conduct a hearing on the bidding for a licence to operate the ThaiCom 4 communication satellite once the current concession expires next year.

The ThaiCom 4 or IPStar is a commercial telecommunication satellite operated at 119.5 degrees East via two-way KU-band spot beams.

ThaiCom Plc had received a 30-year concession to operate the satellite, which was handed over to National Telecom Plc when the concession expired in September 2011.

The company, owned by INTUCH Holding, continued operating the satellite after the handover because National Telecom lacked the expertise required. However, its operating concession is scheduled to expire next year.

Meanwhile, Palang Pracharat MP Kalaya Rungwichitchai said the National Broadcasting and Telecommunications (NBTC) wants the bidding procedure to kick off well before the licence expires so the country’s telecommunications system does not hit any obstacles.

Kalaya chairs the House committee on telecommunications and digital economy and society which is overseeing the issue.

NBTC, which aims to have the bidding wrapped up by June, told the panel that only a handful of companies in Thailand have the expertise to operate satellites. Kalaya also pointed out that the bid winner will also need to have huge sums of money at their disposal to put forward as a guarantee.

She went on to say that her panel fears there may be a perception of collusion due to the low number of bidders and would like to hear the opinions of the agencies concerned.

Kalaya added that representatives of the NBTC, the National Telecom, Digital Economy and Society Ministry and ThaiCom will be invited to the hearing.

She said the hearing will consult on whether it is possible to lower the specifications in a bid to increase the number of bidders.

“But this may pose a problem because this business needs expensive equipment and special expertise,” the MP said.

She added that the NBTC representative admitted that the telecom watchdog has not done enough to launch public awareness campaigns on the issue, leading to a misperception that the national property will be sold to a private firm via the upcoming bid.

Published : January 28, 2022

By : THE NATION