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The Latest Breaking News from Finance Ministry

The Finance Ministry is pushing for a mandatory provident fund intended to be a savings reserve for employees nationwide after voluntary provident funds were found to be inadequate.

Bangkok Post

Auditors in Iraq Uncover Staggering $2.5 Billion Tax Fraud

Auditors in Iraq have uncovered a massive scheme in which a network of businesses and officials embezzled some $2.5 billion from the country’s tax authority, despite layers of safeguards. The scandal poses an early test for Iraq’s new government, which was formed late last month after a prolonged political crisis.

Asharq Al-Awsat

Talks aimed at quashing Ponzi fraud

The Department of Special Investigation (DSI) and the Finance Ministry have discussed methods to strengthen their efforts to prevent Ponzi schemes, says Fiscal Policy Office director-general Pornchai Thiraveja.

Bangkok Post

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Auditors in Iraq uncover staggering $2.5 billion tax fraud

Auditors in Iraq have uncovered a massive scheme in which a network of businesses and officials embezzled some $2.5 billion from the country’s tax authority, despite layers of safeguards

The Independent UK

THAI expects to name new chief in January

Thai Airways International expects to name a new permanent CEO as early as January as it proceeds with its restructuring plan, acting CEO Suvadhana Sibunruang said on Friday.

Bangkok Post

Finance Ministry mulls land and building tax cuts

The Finance Ministry is considering a proposal to reintroduce a reduced land and building tax over the next two years, says Finance Minister Arkhom Termpittayapaisith.

Bangkok Post

Cabinet approves changes to liquor regulations

The cabinet on Tuesday approved the Finance Ministry's amendment to ministerial regulations regarding the production of traditional liquor for non-commercial purposes and craft beer, ignoring the Move Forward Party's draft Progressive Liquor Bill.

Bangkok Post

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Finance Ministry trims GDP growth outlook to 3.4%

The Finance Ministry on Friday trimmed its 2022 economic growth outlook to 3.4% from 3.5% projected earlier, with the main drivers being a recovery in private consumption and the crucial tourism sector, Fiscal Policy Office (FPO) director-general Pornchai Thiraveja said.

Bangkok Post

Govt to recapitalise Thai Airways with B10bn

The government will need to raise 10 billion baht to recapitalise financially ailing Thai Airways International (THAI) to keep its shareholding in the company from dipping below 40%, according to the State Enterprise Policy Office (Sepo).

Bangkok Post

Govt to inject another B10bn into THAI

The Finance Ministry plans to inject 10 billion baht into Thai Airways International to keep its shareholding from dipping below 40%, according to the State Enterprise Policy Office (Sepo).

Bangkok Post

Exclusive-Spain, France have owners pay for yachts frozen under Russia sanctions

Spain and France have authorized the owners of superyachts frozen under sanctions against Russian businessmen to pay for their upkeep, three sources told Reuters.

Reuters

Finance Ministry sees 2022 economic growth of 3.0-3.5%

Thailand should see economic growth of 3 to 3.5% this year, driven by the key export and tourism sectors, Finance Minister Arkhom Termpittayapaisith said in an interview on Wednesday.

Bangkok Post

Ministry eyes steps to spur spending

The Finance Ministry is considering new measures to encourage spending in a bid to maintain the Thai economic recovery, according to Pornchai Thiraveja, director-general of the Fiscal Policy Office (FPO).

Bangkok Post

Ministry to vouch for fuel fund loans

The Finance Ministry plans to provide loan guarantees worth up to 30 billion baht to the Oil Fuel Fund in the first phase of the fund's plan to bolster liquidity, says a ministry source who requested anonymity.

Bangkok Post

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The Hindu

Ministries urged to shun ‘inflated’ demands for funds

Finance Ministry seeks ‘objective’ proposals for first supplementary demands for grants for FY23; PAC earlier said dept. demands marked by ‘bad planning, lack of foresight, ineffective monitoring’

Bangkok Post

Arkhom plays down possibility of a slump

The Thai economic recovery is not expected to be greatly affected if the world goes into recession next year, says Finance Minister Arkhom Termpittayapaisith.

The Hindu

Finance Ministry mulls steps like auto debiting other accounts of issuer to curb cheque bounce cases

Trade bodies have been pitching for changes in the cheque bounce law for the fast disposal of such cases

The Independent UK

Flood-ravaged Pakistan contests ratings downgrade by Moody's

Pakistan is contesting a downgrade of its rating by Moody’s Investors Service, insisting it has adequate reserves and financing to repay foreign debt even after the worst flooding in its history

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The Hindu

Finance Ministry releases ₹7,183 crore grant to 14 States

With the release of seventh instalment for the month of October, 2022, the total amount of Revenue Deficit Grants released to the States in current fiscal has gone up to ₹50,282.92 crore, an official statement said.

Bangkok Post

Cabinet reiterates BoT has free rein for its duties

The government has pledged it will not intervene in the central bank's handling of inflation, interest rates and the baht's movement, instead asking the Finance Ministry to provide additional information to the bank.

Bangkok Post

FPO: Unnecessary waivers, deductions need scrapping

The Fiscal Policy Office (FPO) is to ask the Finance Ministry to consider winding down unnecessary measures related to tax waivers and tax deductions, in the wake of a decline in net government revenue as a proportion of GDP, says a ministry source who requested anonymity.

The Hindu

Morning digest | Not connected to PFI, says SDPI; R. Venkataramani is the new Attorney General of India, and more

A select list of stories to read before you start your day

Bangkok Post

State mulls higher NSF contributions

The Finance Ministry is considering a higher government contribution to the National Savings Fund (NSF) in order to increase retirees' income, says Arkhom Termpittayapaisith.

Bangkok Post

Govt plans B820bn in new borrowing in 2023 fiscal year

The cabinet on Tuesday approved new borrowing of about 820 billion baht in the 2023 fiscal year starting Oct 1 to help finance a budget deficit, the Finance Ministry said.

Bangkok Post

New VAT mulled that targets luxury goods

The Finance Ministry is considering the introduction of a two-tier value-added tax (VAT) rate that could generate additional revenue of more than 100 billion baht, says a ministry source who requested anonymity.

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