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Thai Cabinet decided to Tax Stock Market Trades in Thailand

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Thai Cabinet decided to Tax Stock Market Trades in Thailand

(CTN News) – A legislation exempting stock market share transactions from financial transaction tax, which has been in effect for over three decades, was revoked by the Thai cabinet today (Tuesday).

Stock market share trades are to be taxed in Thailand after being exempt for the past 30 years

According to Finance Minister Arkhom Termpittayapaisith, the law’s repeal implies that all stock market transactions, whether profitable or not, would be subject to a 0.1% financial transaction tax.

He said that the Council of State would have to prepare legislation to implement the tax and that it is anticipated to bring at least 15 billion baht annually for the government.

After the bill is published in the Royal Gazette, share dealers will have three months to act before it takes effect.

According to the minister, the new tax is a restructuring component meant to promote fiscal responsibility and produce revenue for the government.

Director-General of the Revenue Department Lawaron Saengsanit said that the 0.1% rate is just the ceiling and has not yet been determined.

The seven different forms of retirement savings funds, he said, continue to be free from financial transaction taxes.

The president of the Stock Exchange of Thailand, Dr. Pakorn Peetathawatchai, stated that he would speak with the Association of Securities Company about the system modifications needed to accommodate the taxation, which brokerage companies will collect before transferring the funds to the Revenue Department.

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