Revenue treads carefully into VAT collection from tech giants

30 Sept 23:11 Key points summarised by AI

Thailand's Revenue Department will begin collecting a 7% VAT on cross-border e-services from major tech companies like Facebook, Google, and Netflix starting September 1.
This initiative aims to create a level playing field between domestic and foreign digital service providers, aligning with OECD guidelines adopted by over 60 countries.
Businesses providing e-services with an annual income exceeding Bt1.8 million will be subject to the new VAT, though concerns exist about tech giants potentially passing costs to consumers.
While Thailand anticipates Bt5 billion in annual VAT collection, the move faces potential legal challenges and risks of trade retaliation from countries like the US, despite Thailand's VAT differing from France's revenue-based digital tax.

New home loan scheme aims to boost property sector with Bt125 billion

20 Oct 11:38 Key points summarised by AI

The Cabinet approved a new Bt50-billion 'A House for Each PLUS' home loan scheme from the Government Housing Bank, offering up to Bt3 million with 40-year repayment terms for low- and middle-income earners.
This initiative aims to significantly boost the property sector and national economy, projecting to generate Bt125 billion in economic activity and create jobs.