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Another year of scandals, scams and wild moves for the Thai Stock Exchange - Thailand Business News

The Thai stock market experienced significant turbulence in 2023 due to scandals, defaults, and volatility. This resulted in a loss of investor confidence and highlighted the necessity for regulatory reforms. Thailand is planning to tighten listing regulations in response to recent accounting scandals, debt defaults, and share price fluctuations that have shaken investor confidence.

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Singapore signed a free trade agreement with the MERCOSUR trade bloc, which includes Brazil, Paraguay, Argentina, and Uruguay. This is Singapore’s first FTA with these countries and with the Mercosur bloc.

The deal is expected to boost trade, with over 100 Singaporean companies already operating in the MERCOSUR markets. The agreement includes flexible rules for the origin of goods and fair treatment for companies competing for government contracts.

Singapore’s Free Trade Agreement with MERCOSUR

Singapore has entered into a free trade agreement with the MERCOSUR trade bloc, which includes Brazil, Paraguay, Argentina, and Uruguay. This marks Singapore’s first FTA with both the individual countries and the Mercosur bloc as a whole. Notably, Venezuela’s membership in the bloc was suspended in 2016.

Trade and Economic Potential

The MERCOSUR bloc has a collective population exceeding 295 million people and a GDP of US$2.…

In a bid to enhance tourism and business relations, Thailand has announced that it will be exempting Japanese business travelers from visa requirements for a three-year period, beginning next year.

Thailand has waived visa requirements for Japanese business travelers from January 1, 2024 to December 31, 2026. This decision was made by the Thai Cabinet on December 12, 2023. Japanese nationals with passports or travel documents can enter Thailand for business purposes and stay for up to 30 days without the need for a visa [1]. This move aims to facilitate business visits and strengthen economic ties between Thailand and Japan. The visa exemption for Japanese business travelers aligns with Thailand’s efforts to attract foreign investment and promote business activities in the country [2].

This visa waiver is applicable to individuals engaged in business activities such as attending meetings, conferences, exhibitions, or conducting business negotiations. …

A new tax regulation in Thailand will require Thai tax residents to pay personal income tax on foreign income brought into the country.

Key Takeaways A new tax regulation in Thailand will require Thai citizens and foreign residents to pay personal income tax on any income from a foreign source when brought into the country, closing a longstanding tax loophole. The implementation of the Common Reporting Standard will aid Thailand’s Revenue Department in cracking down on tax evasion on foreign assets and earnings. The new tax ruling may boost the Thai government’s Long-Term Resident visa scheme by attracting wealthy individuals who can benefit from tax exemptions on their foreign assets or earnings.

Previously, there was a loophole that allowed individuals to avoid paying taxes by sending their foreign earnings to the next year. However, in an effort to combat tax evasion and address budget constraints, the government has implemented new tax…

SET organized first hackathon, focusing on sustainable investing and use of ESG data, with 69 teams and 4 awards granted.

SET Hackathon 2023: Promoting Sustainable Innovation

The Stock Exchange of Thailand (SET) recently hosted its first-ever hackathon open to the public, focusing on the theme of Wealth and Sustainability. Participants showcased ideas on leveraging SET’s database on environmental, social, and corporate governance (ESG) aspects for the benefit of investors and listed companies. The winning team, ESG EZ Invest, proposed an application development based on SET’s ESG data platform to facilitate sustainable investing, earning them the first prize. This competition aimed to promote the use of SET’s ESG database for innovations that contribute to sustainable growth for investors and Thai listed companies.

Empowering Sustainable Growth with SET’s ESG Database

With 69 diverse teams participating in the SET Hackathon 2023, the competition emphasi…

The SEC and SET discussed reviewing rules for collateral in cash accounts, securities settlement cycle, and purchasing securities to ensure fair treatment for investors. They will propose changes to the SEC Board for approval. They also discussed reviewing guidelines for short selling transactions.

The Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand (SET) recently held a joint meeting to discuss ways to enhance market confidence. They discussed reviewing rules related to securities trading in cash accounts, collateral placement, securities settlement cycles, and purchasing securities through cash balance accounts in case of abnormal trading activity.

The aim is to ensure fair treatment among different types of investors and maintain stability and efficiency in securities trading. The SET will expedite the review process and propose changes to the SEC Board for consideration. They also discus…

Zipmex Thailand, a digital asset exchange platform, has temporarily suspended digital asset trading until January 31, 2024. This decision has been made in order to comply with the regulations set by Thailand’s Securities and Exchange Commission (SEC).

Key Takeaways Zipmex Thailand has temporarily suspended digital asset trading until January 31, 2024, in order to comply with the criteria set by Thailand’s Securities and Exchange Commission. Customers can still withdraw Thai baht and digital assets from their Trade Wallet during this period, but withdrawals after January 31, 2024, will require contacting Customer Support and may take up to 14 days. Gulf Binance, a joint venture between Gulf Innova and Binance, has obtained approval to start trading cryptocurrencies in Thailand, posing competition to Zipmex and other exchanges.

Zipmex faced accusations last year of operating without SEC permission, and now faces competition from …

Thai nationals repatriated from Myanmar are being investigated for a call center scam by the CIB.

According to a recent report by the Office of the United Nations High Commissioner for Human Rights (OHCHR), released on 29 August, at least 120,000 people in Myanmar and about 100,000 in Cambodia have been forced to work by gangs running fraudulent call centres.

Key Takeaways The Ministry of Digital Economy and Society in Thailand has assigned the Central Investigation Bureau to investigate a call center scam involving Thai nationals repatriated from conflict-affected Myanmar. Measures are being taken by the Thai government to protect its citizens from criminal activities and those responsible for illicit operations. The Royal Thai Consulate-General in Kunming is working with the Royal Thai Embassy in Beijing to facilitate the repatriation of Thai citizens who were stranded in Myanmar after crossing the border into Chin…

According to a survey by Mercer (Thailand), salaries in Thailand are expected to increase by 5% next year, slightly lower than the average of 5.2% across Asia.

Key Takeaways Salaries in Thailand are expected to increase by 5% next year, which is lower than the average in Asia. The automotive, life sciences, and high technology industries are projected to have the highest pay increases in Thailand. The government’s plan to increase the daily minimum wage may affect labor-intensive industries, prompting businesses to adopt automation and digital technology.

The prediction is based on a survey of 617 Thai and foreign companies operating in the country. The salary increases will be driven by the government’s stimulus package, efforts to boost business confidence, and tourism recovery.

The top three industries with the highest pay next year are automotive, life sciences, and high technology. Labour-intensive industries may be affected b…

TAT arranged a special welcome at Suvarnabhumi Airport for IndiGo Flight 6E 1639 from New Delhi, India, as Indian tourists are granted temporary visa exemption for a 30-day stay in Thailand.

TAT Welcomes Indian Tourists with New Visa Exemption

The Tourism Authority of Thailand (TAT) organized a special airport event at Suvarnabhumi Airport for IndiGo Flight 6E 1639 from New Delhi, India. Indian tourists holding passports or travel documents are now granted a temporary visa exemption for a 30-day stay in Thailand for tourism purposes.

Thailand’s Commitment to Ease Visa Procedures

The TAT Governor, Ms. Thapanee Kiatphaibool, led the airport ceremony and expressed Thailand’s invitation to Indian tourists to take advantage of the tourist visa exemption. The Thai government is committed to facilitating visa and immigration procedures for foreign tourists, particularly during the high season.

Temporary Visa Exemption for…