Passengers flying from Suvarnabhumi's new terminal advised to have at least 20 minutes in hand
People taking flights at Suvarnabhumi International Airport have been advised to check their flight information carefully to avoid confusion now that the new satellite terminal has been opened.
Expats are being warned that a four-decade tax vacation is under review.
Prime Minister Srettha Thavisin couldn't be clearer: "You should pay tax on income you earn no matter how you earn it." He was referring to the revenue department's "clarification" that, from January 2024, it planned to the tax foreign income on all individuals, Thai or foreign, who have resided annually in the country for over six months. The department's statement specifically closed the loophole, under existing law, that anyone could escape the tax by delaying transfer of the funds until a later tax year, for example by holding it in offshore funds.
It is commonly understood that the incoming Pheu Thai government must raise mega-funds for its welfare policies, for example the US$16 billion (560 billion Thai baht) wallet scheme to pay 10,000 baht to all adult Thais as a regenerative economic move. However, the policy has clearly shocked Thailand's expat community who though they were tax-free unless officially working in Thailand. Indeed, the previous government, led by general Prayut Chan-o-cha, had marketed its long stay visas, especially Elite, precisely on the grounds that foreigners were mostly excused paying income tax here.
The first grey area for expats is registration. Contrary to some reports, there will be no deduction of funds on arrival. The system initially will be self-registration with taxable expats staying in Thailand longer than 180 days registering online with the revenue authority to receive a TIN or Tax Identification Number. Presumably, there will be further guidance on this procedure in later announcements. Of course, the self-registration is backed up by all the details of foreign transactions which are now easier to trace thanks to technological advancement. Wealthy expats are likely to choose a tax lawyer to fill in forms on their behalf.
The next ambiguity for foreigners is the double taxation agreement (DTA) which exists between 61 countries and Thailand. This means that some expats can benefit from Thai taxation relief by tax exemptions or tax credits where specific conditions are fulfilled. The most frequently example is pension income (state or employment) which is taxed in the source country. Not to mention that the income might well be taxed in the home country even though there is no formal agreement with Thailand. This whole area needs official clarification to avoid a bureaucratic nightmare and gross disillusionment.
The latest income tax rules won't apply to a foreigner residing in Thailand for less than 180 days in a year. If he or she transferred, say, four million baht to Thailand to purchase a condominium unit, personal income tax as recently defined would not operate. But an expat, living here for most of the year, could find a similar transfer might get tangled in the revenue net. Many other examples, beyond property purchases and sales, could be quoted to illustrate the devil will be in the detail. What is absolutely clear is that the Thai income tax tentacles are broadening beyond rich Thais earning cash abroad (or at home) and hiding it in offshore accounts or foreign banks.
For the past four decades, foreigners (unless working here with employment permits) have mostly been excused interference by the revenue department. It has been a discretion not a right. Some Thais have also been included in this category, for example overseas workers transmitting small amounts back to their families in Thailand. There is already much talk in expat circles about quitting Thailand. What is required is a policy statement by the revenue or Cabinet authorities even whilst acknowledging that a complex situation is in a trial period and may remain so for months. Sometimes silence is the best policy. Not in this case.
Incarcerated former Prime Minister Thaksin Shinawatra will be eligible to apply for the suspension of his remaining one-year sentence as early as February 2024, after he has served six months, albeit in a hospital, Senator Somchai Sawangkarn informed Thai media on Monday, September 25th.
Somchai said the duration Thaksin spent in the Police General Hospital is considered served time, so he is set to complete six months of his prison sentence in February.
The senator, who chairs the Senate's Standing Committee on Human Rights, Rights and Liberties and Consumer Protection, explained that inmates are eligible to seek sentence suspension or commutation from His Majesty the King once they have completed either one-third or six months of their sentence. He further noted that the suspension and commutation are typically granted on significant occasions like the King's birthday on July 28th, King Bhumibol's birthday on December 5th, and Queen Sirikit's birthday on August 12th.
Thaksin has been under the custody of the Department of Corrections since August 22nd, although he mostly spent his jail time at a suite room at the police hospital due to his alleged health conditions.
Somchai continued that Thaksin may very likely be eligible for a suspension of his term and release because he is over 74 years old, which passes the 70-year-old criteria.
He further stated that Thaksin may be allowed to stay at home without having to wear electronic monitoring (EM) bracelets. However, he would probably be restricted from leaving the country.
In response to calls to disclose details of Thaksin's illness, some legal experts came out to say that the action could constitute a violation to the National Health Security Act, which bars physicians from disclosing patients' health condition without consent.
The tax change which has already been defended by Prime Minister Srettha Thavisin as a move against income inequality, is coming with Thailand in talks with economic powers such as the European Union to put in place new trade and investment pacts. It comes after the previous government had launched long-term visa regimes highlighting the zero tax imposed by the Thai government on income not generated in Thailand. This new move is already causing anxiety among foreigners living in the kingdom with passive income from abroad as well as retirees who are still thought to be exempt from tax. However, for the new tax regime to generate extra revenue to fund government stimulus efforts, some foreigners must end up paying more.
There are growing concerns among foreigners about moves by the new Thai government to widen the country's tax base. They fear this could lead to all incomes earned by foreign residents in the kingdom being subject to tax. It follows an announcement by the Revenue Department in mid-September which is leading to calls for greater clarification and indeed for the government to make it clear that there will be no attempt to impose tax on retirement or pension income from abroad.
On September 15th, the Revenue Department in Thailand issued a clarification stating that from the 1st of January 2024, it planned to tax foreign income on all individuals in the kingdom who have been resident in the country for over 180 days.
Speaking in the last week about the announcement, new Prime Minister and current Minister of Finance, Srettha Thavisin, suggested apologetically that the move was a push by his government to increase tax receipts and the kingdom's tax base to fund such measures as the ฿10,000 giveaway which is scheduled to proceed on the 1st of February 2024.
This will disburse ฿10,000 in digital credits to over 55 million people in Thailand over the age of 16 years.
More tax receipts needed by the new Pheu Thai-led government to pay for economic stimulus measures such as the ฿10,000 Digital Wallet says the new PM
The new government estimates that the cost of this measure alone will be ฿560 billion.
Speaking to the announcement, Mr Srettha did not pull any punches and strongly justified the move to bring foreigners into the tax net based on addressing Thailand's chronic levels of inequality, which are thought to have widened since 2018, even before the pandemic crisis, and during that period to have been exacerbated further again by trends in the economy.
It is accepted by most analysts that the wealthiest in Thailand have earned more while those who are most vulnerable have earned less because of the pandemic crisis. What has been less speculated on is the growing number of foreigners who are tax resident in the kingdom.
Up to this year, figures kept by the Thai government only focused on foreigners who were registered as employees or self-employed with the Revenue Department with figures for the first three months showing that 156,596 fit into this category.
The top three nationalities for these workers are Japanese, Chinese and Indian.
Difficulties ascertaining the exact number of foreigners in Thailand due to different kinds and constant movement driven by tourism and migration
There are problems identifying the exact number of foreigners in Thailand with no official data available but it is known from Thai authorities that up to four million non-residents live in the kingdom.
There is also open debate about the real population of the kingdom with economic analysts putting the figure at 71.82 million while official figures suggest 66.15 million.
However, most analysts suggest that the affluent expat population is approximately 500,000 to 600,000 given that for instance at any one time, there are up to 3 million short-term tourists in Thailand with a growing number of frequent visitors in the last two decades some of whom maintain a residential base in the country.
According to 2018 figures, Thailand issued 80,000 retirement visas for elderly foreigners but there are estimated to be the same number between those holding marriage visas and those living in the kingdom on short-term dispensations.
This gives a figure of 320,000 affluent foreigners from among the three to four million non-nationals who live in the kingdom at any one time.
Capital flows out of Thailand to achieve higher returns at a time when the government is also facing an impeded economy due to chronic private borrowing
The move to widen the tax base and actively target more foreigners is coming with reports of capital flowing out of the kingdom in a slow-motion response to the kingdom's comparatively lower interest rate for deposit accounts and the wider movement of funding worldwide from East to West since the US Federal Reserve brought in its determined policy of higher interest rates from March 2022.
This has seen US banks offering interest rates at a 22-year high.
It is also coming at a time when Thailand's financial system is feeling pressure from large levels of revolving household debt which has impeded economic growth and is now threatening a surge in non-performing loans.
Amidst this tension, the new government is seeking to use public funding to stimulate the economy, a move which is drawing criticism from its hawkish central bank with scepticism on public policy plans last week openly expressed by Bank of Thailand Sethaput Suthiwartnarueput.
Thai economy is driven and owned by a small elite
This is leading to the government seeking a wider tax base with much of the country's wealth, held by a small elite in holdings that are mobile and able to be managed against changes in the country's tax code.
Because of this imbalance in power, such tax changes run a risk of disrupting the country's economy which is very much dependent on this elite class.
Despite a narrowing tax base, however, the previous government consistently reported higher tax receipts since the economy was reopened after the pandemic
It had already begun taxing commercial property holdings amid changes pushed by officials to widen the kingdom's tax base which has been declining.
At the height of the COVID-19 crisis in August 2021, a survey showed that 1.6% of the population with accounts over ฿1 million accounted for 91.22% of funds deposited.
Foreigners in Thailand control 3.52% of bank funds
The same survey showed that foreigners held 3.52% of funds in Thai banks despite being only 0.75% of the population.
A programme by the last government which targeted one million high-spending foreigners coming to live in Thailand over 5 years by offering long-term visas to the ultra wealthy and high earners was launched in 2022.
Figures released this March show that it only drew a limited response with 2,920 applicants including 195 high-net-worth individuals, 1,011 foreign retirees with a level of assets and income, 771 working executives who moved to Thailand and 943 individuals who qualified through having specialist skills or sponsored employment in Thailand.
Poor response to elite visa offer for wealthy foreigners to come live and work in Thailand launched in 2022 by the previous government led by Americans
Americans were the leading group of this new visa class with 518 applicants followed by the Chinese with 325 new tax residents.
The programme helped with the facilitation of investment projects from the United States, Singapore, Hong Kong and France.
The new visa regime became controversial in November last year when the government was forced to cancel plans to offer these visa holders an opportunity to own lands in Thailand in their own right.
The move sparked a groundswell of public opposition which was led by the Pheu Thai Party which leads the new government.
Tax change announced last week causing nervousness among affluent expats in Thailand, most of whom have passive income from abroad of some kind
The tax change announced last week by the Revenue Department and Prime Minister Srettha Thavisin who is also Minister of Finance, is causing quite a stir among the expat population in Thailand and growing numbers of foreigners abroad thinking of retiring to the kingdom.
It is thought to be significant and is already leading to calls for both clarification and a rethink by the new government.
Up to now, it has been thought that retirement income or pension income received by foreigners in Thailand was not subject to income tax.
This is still assumed to be the case, but the nature of the change announced by the Revenue Department is raising questions.
The tax collection agency has pointed out that up to 1st January 2024, income earned in a foreign country by individuals or entities not within the current tax year was not subject to tax in Thailand.
The change announced on September 15th technically means that any income repatriated from a foreign country to Thailand is liable to taxation.
This is now to be judged as subject to income tax in the kingdom, no matter in what period the money was earned.
Prime Minister's statement on the issue failed to ease concern and fears that the move may target all offshore income earned by foreigners in Thailand
Mr Srettha, in his statement to reporters last week, appeared apologetic as he said: 'Some people may not be happy I am digging into this area, but inequality is a big issue.'
The Prime Minister explained: 'The principle of tax is that you must pay tax on income you earn, no matter how you earn it.'
Of course, the statement from the Revenue Department does not address concerns by expat retirees as it refers to all overseas income coming into Thailand.
While the response from the government and the Prime Minister has been to justify the move based on raising government funding to address income inequality, it does not remove growing fears among hundreds of thousands of foreigners living in Thailand, supported by passive income from abroad.
Foreigners who work and earn income in Thailand are the only ones, up to now, liable to file Revenue income tax returns on a monthly and annual basis
Under the current law, foreigners living in Thailand who are not retired are liable to file income tax returns on a monthly basis at the beginning of the month.
This is achieved by filing a PND 90 monthly return, declaring income earned while an annual PND 91 return is required by the Revenue Department.
In practice, for quite some time, this has not been the case with only foreigners actively employed or registered for business purposes making such returns.
Tax was levied only in respect of all self-employed people in the kingdom or those who are not covered under company payrolls, which are also subject to social security charges.
The income tax regime in Thailand does not require a return for income tax on a monthly basis for income not exceeding ฿60,000 per month.
In respect of annual returns, income tax or an income of ฿120,000 is also exempt from reporting while income tax under ฿150,000 per year is not subject to tax by the authorities.
The current level of taxation in Thailand is still quite low in comparison with other countries, especially for those on lower to middle incomes.
Thailand has tax agreements and treaties with many countries across the world with respect to foreign nationals who become tax resident in the kingdom
For foreigners already living in Thailand or thinking of moving to the kingdom, the country has tax agreements with many countries across the globe.
In most cases, foreigners living in the country fill in forms issued by corresponding tax agencies in other countries as required, declaring they are tax resident in Thailand to cancel withholding taxes and other deductions in the home country that might be typically applied.
All this is very much dependent on the country of origin and the passive income source of the retiree or expat who has moved to Thailand with laws and regulations varying significantly between countries.
Many retirees in Thailand will have gone through the process of obtaining certification that they are tax resident in Thailand to remove withholding taxes often applied against retirement incomes sent from abroad, with regulations and requirements varying according to country.
For United States citizens, for example, the situation is quite different as American citizens are required to file tax returns to authorities in the United States on an annual basis in any event.
This is because living abroad does not allow them to waive obligations to file and pay taxes according to the American Tax Code.
The only way for an American to avoid paying taxes if he or she is a resident of Thailand is to surrender their American citizenship, which is an unappealing prospect to many.
Obtaining citizenship in Thailand for foreigners is a particularly difficult process with only a small number granted annually.
Further clarification on the September 15th announcement is required and awaited by concerned foreigners.
It is not yet clear what the text or detail of the decision made on September 15th is, but there is likely to be some confusion until matters are clarified.
The matter is quite similar to announcements made in recent years relating to insurance for retirees in Thailand, which is a requirement for obtaining a retirement visa before entering the kingdom.
However, it has not been applied universally to those seeking retirement visa extensions and even new visas throughout the country in recent years.
The regime for retirees in Thailand has, in the past two decades, been considered quite attractive and has led to hundreds of thousands of Westerners moving to the kingdom because of the lower cost of living and better climate.
In recent years, Thailand has faced strong competition from countries such as Malaysia, Vietnam and Cambodia for this market. This continues to be the case.
Thailand competes well for retirement with other Southeast Asian countries due to a sense of welcome
The kingdom has competed quite well based on the lifestyle and the comparatively welcoming social climate.
The previous government sought to capitalise on this when it launched its programme in 2022 to attract very wealthy Western investors and workers to the kingdom with a long-term visa and attractive tax regime being among the benefits advertised.
The proposal for elite visas approved by the previous government in September 2021 and launched in 2022, did not meet with the large number of takers that had been anticipated.
At that time, up to one million visa holders were targeted by the government of Prayut Chan-Ocha in a scheme orchestrated between the Ministry of Labour, the Ministry of Interior, the Royal Thai Police and the Finance Ministry while promoted by the Centre for Economic Situation Administration led by then Deputy Prime Minister Supattanapong Punmeechaow.
The former J.P. Morgan Bank boss in Thailand, Mr Chayotid Kridakon, was said to be the mastermind behind the plan.
The programme, advertised last year, highlighted the zero tax on offshore income as a key attraction to those interested.
Tax-free status for offshore income as advertised last year in respect of new elite visas may not go down well with other countries and trade blocs
It should be noted that Thailand is currently in talks with the European Union and other key economic players with a view to new trade agreements and this sort of appeal to personal sources of foreign capital is not something which would meet with the approval of the international order which is increasingly moving towards greater transparency, reporting and tax compliance with pressure being put on tax havens such as Switzerland and Ireland to roll back concessions.
In November last year, by then advanced plans to allow elite visa holders to purchase land and property in their own right under the 10-year visa were axed by the Cabinet after widespread opposition from the public and indeed from the opposition parties at the time, including the Pheu Thai Party which now leads the current government.
Public concern about that issue was fanned by widespread unease at the influx of Chinese grey capital groups who have proved adept at abusing the country's visa systems and concessions provided by authorities to attract inward investment.
Fears the new tax move may have severe ramifications
Most retirees in Thailand are required to deposit ฿800,000 in a bank account before obtaining a retirement visa or an extension of an existing facility or else are required to show proof of adequate monthly income of at least ฿65,000 per month.
This would, in theory, subject retirees in Thailand to a tax if retirement income is taxable, albeit at a modest rate.
The order issued by the Revenue Department on the 15th of September is number 16-2023 and analysts, at present, believe that it may have significant implications for residents in the Kingdom from abroad in all respects.
It also applies to those who possess assets located overseas.
The order, in its fundamental terms, means that any income earned from abroad by individuals now tax resident in Thailand must be declared to the Revenue Department which does appear to refer to income from work duties, business activities, investments funds and business interests outside of Thailand apart from retirement investments or income.
Expert suggests it appears to propose a new regime for taxation of foreign residents in Thailand across the board and therefore more reporting burdens
Tax experts in Thailand have been struck at the nature of the order which appears to suggest a new approach to how foreigners living in the Kingdom are assessed on potential income coming from abroad and indeed their assets abroad.
It should be noted that up to now, it had been assumed that retirement income earned from abroad or sent from abroad was not subject to income tax in Thailand.
This is a key question that must be answered for the 1st of January next year.
The news in relation to income tax changes comes as the Deputy Director General of the Business Development Department Mr Jitakorn Wongkhatekorn has issued a warning in respect of nominee shareholders which are often used by legal firms and accountancy practitioners on behalf of foreigners in Thailand.
Tightening of the screws on nominee shareholders in what is an ongoing process targeting Chinese mafia groups who have also infiltrated the economy
The Business Development Department recently announced the investigation of 439 firms in Chiang Mai and Chonburi targeted because of their involvement in potential tourism businesses and links with Chinese investors.
Under Thailand's Foreign Business Act, companies in the kingdom must be 51% controlled by Thai shareholders.
Often, this shareholding is provided by nominees who hold non-voting shares while 49% of the voting shares are held by foreigners.
The control and direction of companies is an important area for authorities as companies can be used to purchase properties and control of business concerns in Thailand.
This undermines the country's Foreign Business Act and restrictions on foreigners owning land and property as well as being involved in key business activities linked, for instance, to tourism.
'The majority of nominee violations are often a result of Thai individuals accepting benefits, giving their consent or seeking legal advice to evade the law. We want to emphasise that Thais should not be misled into providing assistance or support or holding shares on behalf of foreigners to allow foreign individuals to illegally conduct business here,' Mr Jitakorn warned last week. 'Such actions may result in legal consequences for legal entities, those providing assistance and Thai shareholders owning companies on behalf of foreigners. The penalties include imprisonment for up to three years or fines ranging from ฿100,000 to ฿1 million. In addition, daily fines of ฿10,000 to ฿50,000 may be imposed on those involved in such violations until they cease.'
BANGKOK, Sept 25 (TNA) – Cyber police officers have conducted a search at the house of Deputy National Police Chief Pol. Gen. Surachate Hakparn after arrest warrants were issued for nearly 30 members of his team in connection with online gambling.
It is still unknown in which online gambling network they are allegedly involved in. (TNA)
The Thai Revenue Department's recent announcement to impose taxes on funds entering the country from abroad sent ripples through the elite society and financial sectors over the weekend. In a nation where such a taxation scheme is unprecedented, the buzz was loud enough to compel newly appointed Prime Minister Srettha Thavasin to issue a statement, stressing the initiative's aim to narrow the wealth gap. However, the government's opaque approach and questionable execution raise several red flags.
First and foremost, the private banking industry is unambiguously unsettled by the announcement. Banks, after all, are gatekeepers to the capital flows that keep an economy robust. Their clients, many of whom have already moved funds out of Thailand, are now confronted with a policy quagmire that could have been avoided with clearer guidelines. While PM Srettha Thavasin speaks of an equitable society, the current ambiguity seems more likely to generate confusion and economic instability.
The banking sector's alarm has cascaded down to individual clients who now face a predicament about the future of their investments. Without clear directives on how the new tax structure will be implemented, the government risks inciting a fiscal exodus or, at the very least, a chilling effect on future investments.
Compounding the issue is the lack of clarity about what kinds of funds will be subject to this taxation. Is it aimed solely at profits, or does it also include principal amounts? Such distinctions are crucial, not just for the elite who park their money offshore, but also for the average investor looking to diversify their portfolio internationally.
It's not just the elite who stand to be impacted. Thailand has a sizable population of migrant workers in countries like Israel and Taiwan, which do not have double taxation agreements with Thailand. As per data from the Bank of Thailand, remittances play a significant role in the Thai economy. Taxing these remittances would mean that these workers get taxed twice: once in their country of work and again when they send money home. This could have catastrophic implications for families reliant on these funds.
Lawan Saengsanit, the Director-General of the Revenue Department, promises hearings and focus groups to clarify rules and listen to concerns. However, such afterthoughts indicate a lack of preparation and foresight, which only adds to the skepticism surrounding the initiative. Though the Revenue Department aims for clarity in the long run, the absence of it in the initial stages could be costly.
The Thai government's intention to address social inequalities through taxation is commendable but requires a well-thought-out strategy. Without comprehensive planning and clear communication, the initiative is set to sow more chaos than benefits. In a world where capital flows are as agile as a click of a mouse, clarity is not just advisable; it's imperative.
This ambitious tax reform agenda needs to be more than just a headline. It should be a meticulously crafted policy that serves its constituents — both the haves and the have-nots — without sacrificing economic stability. As it stands, the proposed taxation on incoming funds is a well-intended but half-baked plan, a ship sailing into murky waters without a compass.
The Khao Kheow Open Zoo in Sri Racha, not far from Pattaya, welcomed a second baby white rhino.
Mr. Tewin Rattanawongsawat, the zoo's director, revealed to the Pattaya News on Friday (September 22nd) that the second rhino baby 'Top' was born on July 15th this year but has just grown enough to be displayed to the public. Top is a male born to an 8-year-old mother "Zilla" and an 18-year-old father "Zoody." The baby is in good health and strong and is under close monitoring by veterinarians. There are now six white rhinos at the zoo.
Every September 22nd of each year is celebrated as Rhino Day. Rhinos are a wild animal which are at risk to be extinct. Rhino Day activities are being held at the zoo from September 22nd to September 24th.
The White Rhino is the second biggest terrestrial animal after elephants. The biggest white rhino can be up to five meters wide, two meters tall and weigh up to 2,700 kilograms. Its lifetime is up to 55 years. White rhinos are originally from South Africa.
More than 6% of all Thais still live on less than 2,803 baht per month
Although poverty has decreased in Thailand, incomes have risen and income inequality has decreased, disparities persist and require attention, the National Economic and Social Development Council said in a report.
The report put the poverty line at 2,686 baht per month per person in 2017 and at 2,803 baht per month per person in 2021.
It focused on poverty under the government of former prime minister Prayut Chan-o-cha and his 12th National Economic and Social Development Plan (2017-2021).
The report says that poverty declined in Thailand during the four years. In 2017, 7.87% of all Thais lived on less than 2,686 baht per month, but by 2021 only 6.32% of all Thais lived below the poverty line – monthly per capita income of 2,803 baht. The target set for poverty reduction in the 12th development plan was to reduce it to below 6.5%.
The report also said that individual incomes rose and income inequality fell.
Government spending to reduce the economic impact of the Covid-19 pandemic in 2020 played a role in reducing poverty, the report said.
Measures were taken to provide relief and reduce expenses for 13.65 million state welfare cardholders. Electricity, water and student tuition fees were also reduced, while relief was provided for employers and those insured under the social security system.
Average per capita income rose from US$6,104 in 2016 to $7,850 in 2019, but fell to $7,091 in 2021.
The report said income inequality has decreased. The income gap between the wealthiest 10% of the population and the bottom 40% of the population, fell from 250% in 2017 to 220% in 2021.
However, due to anaemic economic growth between 2017 and 2021, average income rose only 2.7% per year, the report said.
The bottom 40% consists primarily of people working in the agricultural sector whose educational levels constrain their ability to increase their incomes. Others in this group are economically inactive, such as the elderly, young children, students, home-makers, patients, and persons with disabilities.
The Gini coefficient, a measure of income inequality, showed improvement, decreasing from 0.453 in 2020 to 0.430 in 2021. However, it has not yet reached the target of 0.41 set in the 12th development plan.
The gap in income and economic development between different regions of Thailand has also improved, the report said. The disparity in income between the East (with the highest average income) and the Northeast (with the lowest average income) has decreased, according to the report.
Gordon Ramsay Restaurants has announced a new multi restaurant partnership with Thailand's leading lifestyle operator, TANACHIRA Group.
As the restaurant group continues its ambitious expansion plans across Asia, where recent openings include four restaurants in South Korea and two restaurants in Malaysia, the partnership with TANACHIRA will immediately focus on opening two restaurants in the highly anticipated Emsphere Mall in Bangkok, opening on the Sukhumvit Road, December 2023, with a further twelve locations planned in the coming years.
The Emsphere Mall promises to be a go-to modern, luxury, retail destination, offering immersive shopping and dining experiences to both local residents and global travellers.
On the Mall's ground floor, will be Bread Street Kitchen & Bar, a stylish and sophisticated, yet approachable all-day dining restaurant and bar. The menu features Gordon Ramsay classics including Beef Wellington, Fish & Chips and must have sides like Gordon's delicious Macaroni cheese, as well as the world-famous Gordon Ramsay Sticky Toffee Pudding.
On the First Floor, Street Pizza will bring a slice of cool Britannia to Bangkok. Created in St Paul's London, in 2018, Street Pizza is THE destination for bottomless sourdough pizzas, accompanied by live music and vibrant activities. This cutting-edge brand promises pizza without rules. Only the best ingredients are used to make great pizzas, from classic Margherita to innovative toppings like Corn & Chorizo, plus a mouth-watering menu of hot wings, dirty fries, and cool drinks, including craft beers and cocktails. Surrounded by urban art and pop culture, every aspect of the guest experience is connected by a world-class mobile app that celebrates loyalty in every sense. There is also plenty of merch for guests to get their hands on, such as hoodies and caps.
Talking about the partnership, Andy Wenlock, Gordon Ramsay Restaurants CEO said: "This new partnership with TANACHIRA Group continues our global growth, whilst bringing our fantastic casual and premium casual brands to a new audience in Bangkok, who we know love to go out, socialise and enjoy good food. Furthermore, we are delighted to be working with Tanapong and the whole TANACHIRA team who follow the same ambitions as Gordon and myself."
Tanapong Chirapanidchakul, CEO of TANACHIRA comments: "As we continue our journey as a leading lifestyle company in the region, we are very delighted to be partnering with Andy and the Gordon Ramsay Restaurants Team. In particular, we are very excited that with the opening of both Gordon Ramsay Bread Street Kitchen & Bar and Street Pizza at the Emsphere in December, Thais and global visitors to Thailand alike can now immerse in this much-anticipated unique and exceptional culinary experience from Chef Ramsay. The wait is now over."
Thailand's marijuana retail units are debating what the new legal threats might mean.
In a surprise move, The Thai prime minister revealed in an interview in New York that smoking pot for leisure needs to be outlawed once again. Srettha Thavisin told Bloomberg Television that the law needs to be rewritten to regulate ganja for medical use only. "There can't be a middle ground for recreational use," he concluded. Following the declassification of marijuana as a narcotic last year, around 6,000 "dispensaries" have opened nationwide with most of them not bothering to hide their sales to the smoke-for-leisure Thai and foreign population. The retail outlets are supposed to restrict to 0.2 percent the amount of tetrahydrocannabinol which is what gives inhalers the "high" sensation. But the whole ganja industry in Thailand has a great deal of latitude as there is no comprehensive law in place describing what is legal and what is not.
However, many commentators are skeptical that pot leisure smoking will again attract criminal penalties. "Off" Boonchert, who owns several retail outlets in Pattaya, said, "There isn't a sharp dividing line between medical use and leisure. A man with cancer might also enjoy the puff. One solution might be for customers to sign a paper prior to purchase indicating what illness they have." He added that the police would not want a return to the bad old days when the weed was sold underground which made it hard to control.
Another ambiguity is whether all the groups in the current eleven party coalition will agree on a common policy. The declassification last year was the achievement of health minister Anutin Charnvirakul whose Bhumjaithai party is still in the new government. Anutin has spoken favourably about new rules governing cannabis, but is also on record stating he disagrees the drug could become a narcotic once again. The popularity of Bhumjaithai in last May's general election was partly due to a pro-weed stance.
It will likely take up to a year for a new law to appear in the statute book. The expected clauses will emphasize protection of children and will likely detail new rules for Thai farmers growing cannabis for sale after registration. There will likely too be a ban on smoking cafes and promotional slogans such as "Have a high time here" or "Come to the stars with us". But it is still far from clear that the selling, purchase and use of cannabis by the public at large will once again automatically attract a prison sentence.
Srettha says Thaksin still has a lot to offer his government and the country
Prime Minister Srettha Thavisin on Thursday hinted that former leader Thaksin Shinawatra would get an advisory role in his government once he is out of prison.
Srettha said Thaksin would prove to be valuable to his administration and the country.
"I believe he has value to add to the government and to the people of Thailand," the PM said during an interview with Bloomberg Television in New York.
He also pointed to the ex-leader's huge popularity. "He was, and probably still is, the most popular prime minister in the history of Thai politics," Srettha said.
"Obviously, that comes with good reasons and if he becomes free it would be unwise of me not to seek his opinion and that of other prime ministers as well," he added.
However, the prime minister did not clearly state as to what role Thaksin would play in the new government. "Let's play by ear," Srettha said during his interview in New York.
Srettha, a property tycoon-turned-politician, acknowledged his political inexperience during his Bloomberg interview. But he dismissed any concerns about the stability of his coalition government. "I believe it is a very, very stable government," he said.
Thaksin is regarded as the patriarch of the Pheu Thai Party. The founder of Pheu Thai's predecessor Thai Rak Thai over two decades ago, the 74-year-old has retained huge influence over the current ruling party.
He served as prime minister from February 2001 to September 2006 before his government was ousted in a military coup.
Thaksin is serving jail sentences in multiple corruption cases following his return to Thailand after 15 years of self-imposed exile overseas. He reportedly was sent to Police General Hospital for treatment just hours after his return on a private jet on August 22.
Thaksin's flight touched down in Bangkok just hours before Srettha was voted in Parliament as Thailand's 30th prime minister. Srettha's win was credited to huge support from the Senate, in an arrangement widely seen as part of a deal between Thaksin and the royalist pro-military establishment.
The ex-premier recently saw his eight-year jail term reduced to one year due to a royal pardon. His family is looking at the possibility of securing his early release on parole, possibly in February.
The Thai baht continued to depreciate, reaching 36.24 baht per USD this morning, the lowest in 10 months. The currency has already weakened by 1.4% over the past week.
SCB Financial Markets expects the currency to be trading in the range of 35.95 to 36.25 baht per USD today. They said foreign investors are still selling their assets in Thailand, both in the bond and stock markets. Investors are also concerned about the impact of the government's stimulus measures on the country's financial stability.
Krungsri's Global Markets said crude oil prices have increased by 30% over the past three months, adding pressure to Thailand's trade balance. They also said investors are concerned that the government is willing to prioritize short-term economic growth over long-term financial stability.
The Bank of Thailand has reiterated many times that there is no need to stimulate consumption while Thai government bond yields are surging due to concerns over possible rising public debts from populist policies. There is a chance that the baht will continue to weaken.
Krungthai GLOBAL MARKETS said the baht has been depreciating more than other currencies in Asia, reflecting the impact of domestic factors. Investors are also unsure about the amount of Thai government bond issuance in the future. Many investors are also awaiting the results of the Federal Open Market Committee's meeting tomorrow, which could possibly strengthen the USD further if the new Dot Plot indicates that the Fed might hike its interest rates one more time this year.
Natreeya Thaweewong, PM's deputy secretary, on Tuesday offered an explanation as to why Prime Minister Srettha Thavisin's charter flight to New York to attend the 78th United Nations General Assembly from Sept 18-24cost 30-million-baht.
The prime minister flew to the US on a chartered Thai Airways International (THAI) charter flight.
She was responding to recent calls by political activist, Somchai Srisutthiyakorn, for opposition lawmakers and the House Committee on Anti-corruption and Misconduct to look into why the flight cost so much.
The service offered an all-round-trip from Suvarnabhumi Airport to New York with a stopover in Tokyo.
Ms Natreeya, who handled the travel arrangements, said e-bidding was held to seek a reasonable price, adding the Royal Thai Air Force (RTAF) wanted 32 million baht to put on a charter flight service, while Thai Airways asked for 25 million.
But the amount Thai Airways wanted rose to 30 million baht due to a hike in fuel prices.
In this regard, the price the RTAF set might have risen to 40 million baht, Ms Natreeya said.
Of the cost, 4.84 million baht was paid for aircraft-related expenses, 16.8 million baht was fuel costs, 1.47 million baht was for food and drink, 3.06 million baht was for ground services and 3.8 million baht was operation costs.
Ms Natreeya said around 50 other passengers who accompanied the premier on the aircraft, such as his daughter, paid for their own tickets and accommodation.
Representatives from the private sector made their own arrangements to fly to New York, she said.
She said the government opted for a charter flight to avoid disturbing other passengers on a commercial flight.
A source also said the THAI flight only offered business-class seats for Mr Srettha and his entourage.
The first official cabinet meeting under the administration of Prime Minister and Finance Minister Srettha Thavisin unveiled several major changes. Key among them were reductions in electricity and diesel prices effective this month, along with bi-monthly salary payments for civil servants starting next year.
Electricity prices will decrease to 4.1 baht per unit from 4.45 baht, beginning with the September billing cycle. Diesel prices will also be reduced to below 30 baht per liter, starting September 20. Further details on gasoline pricing for those genuinely affected will be announced at a later date.
A National Soft Power Strategy Committee has meanwhile been established, in line with campaign promises to boost income and create more opportunities for the Thai people. A three-year debt moratorium has also been enacted for farmers and small businesses.
Lastly, a new bi-monthly salary payment system for civil servants will be implemented starting January 1, 2024, with the aim of alleviating the financial burdens for lower-ranking officials.
