Connect with us

Economy

Thailand introduces a tourist tax as of June 1. What is the tax rate in Thailand? 

letizo News

Published

on

what is tax rate in Thailand

The Thai government today approved a decision that all foreign tourists entering the country will be charged a fee. What is the tax rate in Thailand? The amount is 150-300 baht — the landing tax, according to local media.

“The Cabinet of Ministers of Thailand has approved a decision to levy a tourist fee upon entry into the country. The fee will range from 150 baht for those who arrive through the land borders, to 300 — from those who arrive through airports,” the newspapers say.

Tentative date of the fee — June 1, 2023

How to get a tourist visa in Thailand? It will not pay for those entering Thailand on diplomatic passports and with work permits. The fee will also not be charged for children under the age of 2 years and transit passengers who spend less than a day in the country.

The government has also instructed the Bureau of Immigration to introduce a rule whereby tourists will be able to use receipts for tourist fees from a previous trip when applying for a re-entry permit.

Minister of Tourism and Sports Phiphat Ratchakitprakarn, speaking to reporters after a government meeting, explained that the fee will be used to promote domestic tourism and insurance for the duration of tourists’ stay in Thailand.

This is not the first time the Thai authorities have announced plans to introduce a levy on foreign tourists. In January 2022, they announced their intention to introduce the fee in April of that year. Its size was also supposed to be 300 baht. Then the fee was postponed until January 1, 2023. but was again postponed, as opposed by representatives of the tourism industry, fearing that its introduction will slow the recovery of foreign tourists after the pandemic coronavirus. Recall that even stock markets, particularly the Nikkei 225, were affected by the pandemic. 

Earlier we reported that the U.S. will be a financial and economic disaster if Congress fails to raise the debt ceiling.

Economy

Investors gravitate toward bear market after Fed decision

letizo News

Published

on

The Fed's bear market

The consensus among investors is that the U.S. Federal Reserve will raise rates again before the end of the year and will not loosen its monetary policy until 2024, which is a bearish outlook for the stock market. So it’s important to be prepared for a drop in the S&P 500 and other indices. 

That’s the prevailing view of about 350 respondents to the Instant MLIV Pulse survey after Wednesday’s Federal Open Market Committee meeting.

The findings contrast with the interest rate swap market, which is still struggling to gauge a rate cut this year. More than 70% of MLIV Pulse respondents said the Fed is not done raising rates yet. More than half said they expect the central bank to wait with its policy easing until next year.

The survey results are in line with Fed officials, but go against traders who estimated this year’s rate cut has led to lower Treasury yields.

Swap markets expect the Fed rate to peak at around 4.95% in May and then fall to about 4.2% in December.

Earlier we reported that the U.S. Department of Justice has begun investigating the collapse of Silicon Valley Bank.

Continue Reading

Economy

Startups under threat worldwide after Silicon Valley Bank collapse

letizo News

Published

on

Startups under threat

High-tech startups have been hit. Companies around the world are facing a fight for survival after the collapse of a major US investment bank, Silicon Valley Bank (SVB). There was a “huge disruption” in the industry globally, Bloomberg reported, citing market participants. The entire stock market, and the S&P 500 in particular, plummeted.

Startups under threat

The bankruptcy of the lending institution, in particular, affected the co-founder of startup Birdly Inc. Quang Hoang. The entrepreneur invested about $10 million in SVB and is still unable to repay the money four days after the bank was shut down by the California Department of Financial Protection and Innovation. However, the entrepreneur is far from the only one who has faced similar problems, the article specifies.

“Hoang was one of thousands of founders around the world this week trying to track down their money after days of chaos and who are completely rethinking the way they run their own businesses. Startups from Silicon Valley to London to Tel Aviv to tech hubs across Africa have depended on SVB as a one-stop store for everything from storing their fortunes to personal mortgages,” the story says.

Now investors and technology companies are predicting a complicated financial future for themselves, even if the bankrupt bank begins to attract deposits from customers under a new name. Many market participants faced a “financial payback” for their overreliance on the credit institution’s risky investment assets, the memo said.

On March 11, the California Department of Financial Protection and Innovation closed Silicon Valley Bank, a large investment bank based in Santa Clara County. All insured deposits from SVB were transferred to Deposit Insurance National Bank of Santa Clara. Depositors were expected to have access to their accounts by March 13.

Earlier we reported that the U.S. Department of Justice has begun an investigation into the circumstances of the collapse of Silicon Valley Bank.

Continue Reading

Economy

U.S. Justice Department Opens Investigation into Silicon Valley Bank Collapse

letizo News

Published

on

the crash of SVB

The U.S. Justice Department is set to investigate the circumstances surrounding the bankruptcy of Silicon Valley Bank (SVB), which was the largest since the global crisis in 2008. The entire stock market collapsed, in particular the S&P 500. This was reported by The New York Times (NYT), citing two people familiar with the situation.

The sources of the newspaper noted that the investigation is at a very early stage, and it is not yet very clear what the focus of federal investigators and prosecutors will be.

Lawyers believe that the main point that may attract investigators is that a few weeks before the crash of SVB, several top managers sold their shares. The sale of securities brought the sellers millions of dollars.

Market experts pointed out that some top managers sold their shares by previously announced plans, so that such sales would not seem illegal. For this purpose, the date of sale of securities and their volume are chosen in advance. However, some politicians have already said that all of the bank’s top managers should return the money received from the sale of shares.

Earlier on Wednesday, the Wall Street Journal, citing its sources, wrote that creditors of the bankrupt bank SVB joined to make profits after the collapse of the financial institution.

Earlier, we reported that an American billionaire declared the collapse of American capitalism.

Continue Reading

Trending

©2021-2023 Letizo All Rights Reserved