This is the main reason The Tobacco Authority of Thailand(TOAT) (Thai: การยาสูบแห่งประเทศไทย; RTGS: Kan Ya Sup Haeng Prathet Thai) , is a Thai state enterprise and the sole legal entity permitted to produce tobacco products in the country, mostly cigarettes. As of 14 May 2018, the Thailand Tobacco Monopoly was corporatized as the Tobacco Authority of Thailand. According to the Tobacco Authority of Thailand Act 2018 as announced in the Royal Thai Government Gazette, the act allows TOAT to set up limited companies or public companies related to TOAT's business. These companies are permitted to have foreign shareholders hold up to 49 percent of total company shares. TOAT can also hold shares in other companies if relevant to TOAT's business In 2016 TTM revenues were more than 72 billion baht (US$2.1 billion). In fiscal year 2017, TOAT reported revenues of 68,176 million baht, total assets of 27,797 million baht, net profit of 9,343 million baht. It contributed 62,577 million baht to the Thai treasury. Vaping cuts them out completely — no TTM product sold, no excise tax collected, double revenue stream gone. It's not a health argument, it's a cash flow argument dressed up as one.
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