Thailand’s finance ministry drops plan for financial transaction tax

[webfact]

 

Paopoom Rojanasakul, secretary to the finance minister, announced a reversal from the Finance Ministry’s initial plan to impose a financial transaction tax. This comes after Sirikanya Tansakul of the Move Forward Party (MFP) claimed the ministry’s mid-term fiscal blueprint for 2024 projected revenue of 14 billion baht from the proposed tax.

 

Paopoom explained that the ministry aims for Thailand’s capital market to maintain high liquidity, stability, trading volume and quality, combined with low funding costs. These factors are essential to attract investors and registered companies.

 

Furthermore, Paopoom stressed the importance of the Thai capital market’s competitiveness against international markets, particularly Singapore. To foster this competitiveness and support long-term investment, tax incentives for the stock market are crucial. As a result, the ministry has dropped the idea of a transaction tax.

Our goal is for the Stock Exchange of Thailand to expand and become a cornerstone of the economy, fostering a private sector-led economy, Paopoom expressed.

 

by Atima Homtientong 

Picture courtesy of Thai PBS World.

 

Full story: The Thaiger 2023-10-02

 

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[retarius]

Understandable. It would force the hi-sos to pay a bit of tax, very nasty idea.

[Karma80]

Another day, another flip-flop. Still working out how to actually pay for the bribes election promises magicked up from nothing.

[mikebell]

6 hours ago, webfact said:

announced a reversal

AKA 'flip-flop.

[fondue zoo]

Imagine being an agency with vast electronic surveillance capabilities, able to access almost all transmitted information. It's quite amusing to think about the countries that unintentionally provide entertainment to whoever is listening in.

[Dogmatix]

Good. Now cancel the proposed tax on foreign remittances to Thailand. You can blame it on the Revenue Department like you blamed this one on the Finance Ministry.

 

 

[Dogmatix]

Deleted by Dogmatix

Edited October 2, 2023 by Dogmatix

[brianthainess]

So funny IMO now they find out They would have to pay taxes as well. 

[happysoul]

Quote

 

Furthermore, Paopoom stressed the importance of the Thai capital market’s competitiveness against international markets, particularly Singapore.

Our goal is for the Stock Exchange of Thailand to expand and become a cornerstone of the economy, fostering a private sector-led economy, Paopoom expressed

 

 

Dear Paopoom, this will never happen with the level of corruption Thailand has. Maybe you can convince your fellow nationals but forget anything international. People (outside Thailand) are not stupid.