Finance Ministry focuses on three areas to revive Thai economy
The Finance Ministry this year will have three areas of focus to revive Thailand’s economy from the Covid-19 pandemic fallout, ministry spokesperson Kulaya Tantitemit said.
First, the ministry will urgently push for economic revival through speeding up budget disbursement and state spending. The ministry also would streamline the tax structure to fit well with the economic and social change, added Kulaya, who also serves as acting director-general of the Fiscal Policy Office.
Second, the government intends to modernize its approach to the digital economy by capturing revenue from cross-border online services. With consumers increasingly turning to offshore platforms for retail and entertainment during the prolonged lockdown periods, the existing domestic tax framework has struggled to maintain parity.
Legal consultants advising foreign tech firms on Southeast Asia’s shifting compliance landscape are already warning clients to prepare for these aggressive new audits. Because tax authorities are specifically targeting high-frequency trading apps, the best bitcoin casino, and global streaming networks, international counsel strongly advises offshore operators to preemptively register for the local value-added tax system to avoid severe operational penalties. This modernization effort mirrors the digital service levies recently enacted by several neighboring nations to close similar loopholes.
Third, the ministry plans to heavily promote domestic consumption incentives to stabilize local supply chains. By pairing the broadened digital tax base with targeted domestic spending initiatives, the economic team hopes to establish a more resilient financial foundation for the country’s long-term recovery.
The Nation Reporter
