Government Delays Taxes on Stock Transactions to Assist Investors

[snoop1130]

 

BANGKOK (NNT) - The Ministry of Finance is expected to postpone its plan to impose a financial transaction tax on individual stock investors due to unfavorable economic conditions.

 

Krisada Chinavicharana, permanent secretary for the Ministry of Finance, said the ministry is reconsidering its plan as the Thai economy is still struggling due to the ongoing COVID-19 pandemic and Russia-Ukraine conflict.

 

According to the permanent secretary, the government has always waived the financial transaction tax on individual stock investors as a means of assisting market development. He said the finance ministry has considered ending this tax exemption because its implementation could help to broaden the tax base and increase revenue to support economic growth.

 

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According to calculations, investors will pay 0.11 percent of the total transaction tax rate, which will have little impact on the market. The Revenue Department estimated that this tax would not affect 80-90 percent of stock investors because their total share sale transactions do not exceed 1 million baht per month.

 

Revenue Department spokesperson Sommai Siriudomset said the postponement will not affect the department’s revenue collection since the tax has not been included in its revenue forecast for the current fiscal year. She also noted that the department’s 2022 revenue forecast of 8-10 billion baht was based on e-service tax laws that took effect before September 1, 2021.

 

-- © Copyright NNT 2022-03-30

 

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[Will B Good]

Well I know at least a dozen Thai's living in the slums of Khlong Toei that will be breathing a sigh of relief at this news.

[ThailandRyan]

Must be some Hi-So's that need to move money around to make it look like they took losses in order to not pay ay taxes when the Government reinstates them...

[jippytum]

How generous of the government to be concerned for the small investor who already have 10% withholding fee from dividends and a recent addition of a brokers fee of 14 baht plus vat on daily transactions .