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https://www.nationthailand.com/blogs/business/40011246

Thailand’s plant-based protein exports surged 64 per cent in 2021, riding a boom in healthy lifestyle trends. Auramon Subthaweetham, director-general of the Department of Trade Negotiations, revealed that plant-based products that are processed to have the same characteristics as meat are gaining in popularity amid the upward consumer healthcare trend.

The Organization for Economic Cooperation and Development (OECD) forecasts that by 2022 the vegetable protein market will be worth more than $10 billion. The main exporting countries are the US, China and the European Union.

She said Thailand is the world’s 25th largest vegetable protein exporter and third in Asean after Singapore and Malaysia.

During January to November 2021, Thailand exported plant protein products worth $2.57 million. Exports to many countries increased from the same period last year, such as Asean, Thailand’s No. 1 export market (43 per cent), including Myanmar (82%), Singapore (195%) and Laos (969%), besides China (27%) and Australia (502%).

In addition, Thailand also exported vegetable protein products to the dual free-trade agreement (FTA) market worth $1.65 million. It accounted for 64 per cent of total vegetable protein exports.

Entrepreneurs can take advantage of the FTAs that Thailand has with 18 trading partners to expand their exports and increase their competitive advantages, Auramon said. Currently, 16 FTA partners, namely ASEAN countries, China, Hong Kong, Australia, New Zealand, India, Chile and Peru, are no longer levying tariffs on Thai plant protein products.

From February 1, the Regional Comprehensive Economic Partnership Agreement will also make it binding on South Korea to gradually reduce import duties on tofu products from Thailand to zero by 2036, she added.

Published : January 18, 2022

By : THE NATION

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https://www.nationthailand.com/business/40011238

Property transfer and mortgage fees will remain at 0.01 per cent until the end of 2022 for properties costing no more than 3 million baht.

The government had lowered transfer fees from 2 per cent to 0.01 per cent and mortgage fees from 1 per cent to 0.01 per cent in 2019 in a bid to support the real-estate sector. The subsidy was to be offered until December 31, 2021.

“The Cabinet earlier this month agreed to extend the campaign until December 31, 2022, as part of the government’s economic stimulus plan,” Nisit Chansomwong, director-general of Department of Lands, said on Tuesday.

The subsidy covers houses, condominiums or land with an estimated value of no more than 3 million baht. The subsidy applies to both new and second-hand property, but can only be used by Thai nationals.

“The department believes this campaign will help Thais get their own property more easily and will also promote the property sector as well as other related industries that have been suffering from the fallout of Covid-19,” Nisit said.

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Published : January 18, 2022

By : THE NATION

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https://www.nationthailand.com/business/40011219

The Stock Exchange of Thailand (SET) rose by 3.80 points or 0.23 per cent to 1,680.67 in the morning trade on Tuesday (January 18).

Krungsri Securities forecast the day’s index would rise to between 1,683-1,690 points before falling.

It said the index gained positive sentiment from the decline in domestic Covid-19 cases and speculations in stocks which gained specific positive sentiments, such as the cooperation between Gulf Energy Development and Binance on setting up a digital asset trading centre and banks’ move to announce their business turnover this week.

“However, fund flow slowdown due to uncertainty over the US Federal Reserve’s move to raise the interest rate is likely to pressure the index,” Krungsri Securities said.

It advised investors to follow the Cabinet’s move to launch measures to reduce living costs and stimulate purchase, China’s move to cut interest rate, and outcome of the Bank of Japan’s meeting.

It also recommended buying of the following companies’ shares as an investment strategy:

• PTTEP, TOP, PTTGC, IVL and SPRC, which benefit from rising oil price and gross refining margin.
• BBL, TTB, KBANK and BLA, which benefit from news of interest rate hike.
• AOT, MINT, CENTEL, ERW, AAV, AMATA, WHA HMPRO and CPN, which benefit from the decline in domestic Covid-19 cases.

The SET Index closed at 1,676.87 on Monday, up 4.24 points or 0.25 per cent. Transactions were totalled 82.35 billion baht with an index high of 1,680.39 and a low of 1,672.93.

Published : January 18, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011212

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.

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Published : January 18, 2022

By : THE NATION

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https://www.nationthailand.com/business/40011206

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.

Published : January 17, 2022

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https://www.nationthailand.com/blogs/business/40011202

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.

Published : January 17, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011196

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.

Published : January 17, 2022