Thailand Says Most Institutional Investors Must Pay Stock Tax




  • In Business
  • 2022-12-03 04:49:57Z
  • By Bloomberg
 

(Bloomberg) -- Most institutional investors in Thailand won't be exempted from a tax levied on stock transactions that will resume next year after more than three decades, authorities said.

Most Read from Bloomberg

  • Musk's Neuralink Hopes to Implant Computer in Human Brain in Six Months

  • Goldman Jolts Traders With Bonus Warning After Bumper Haul

  • Musk Suspends Ye From Twitter After Offensive Image Post

  • Beverly Hills Cop Was California's Highest-Paid Municipal Worker

  • Larry Summers Says Fed Will Need to Boost Rates More Than Markets Expect

While pension funds and market makers won't have to pay, other institutional investors must do so, Thai government spokesman Anucha Burapachaisri said in a statement Saturday. Thailand defines institutional investors that will be subject to the levy as individuals trading on their own accounts, funds other than pensions, and securities companies, which aren't market-maker accounts, he said.

Reports on exemptions for institutional investors are "misleading," Anucha said.

A tax of 0.05% will be imposed on stock transactions, which will be raised to 0.1% sometime in 2024, according to a finance ministry document this week after the cabinet approved the policy. The levy will initially take effect 90 days after it's notified in the Royal Gazette. Thailand halted the tax in 1992 to help promote equity trading.

Anucha said the level was similar to or lower than in other Asian countries. The government expects to generate about 8 billion baht ($230 million) in revenue in the first year, which may double to 16 billion baht per year when the levy is raised.

Most Read from Bloomberg Businessweek

  • 11 Hours With Sam Bankman-Fried: Inside the Bahamian Penthouse After FTX's Fall

  • TikTok's Viral Challenges Keep Luring Young Kids to Their Deaths

  • Forget Zoom Calls, Remote Work Startups Want to Build a Virtual Office

  • Ryanair, EasyJet Scale Back in Germany Over Airport Fees

  • How a Ruling Family Tipped Sri Lanka Into Economic Free Fall

©2022 Bloomberg L.P.

COMMENTS

More Related News

Alphabet Falls Most in Three Months on Bard Accuracy Concerns
Alphabet Falls Most in Three Months on Bard Accuracy Concerns

(Bloomberg) -- Google owner Alphabet Inc. fell by the most in more than three months after a demonstration of its new artificial intelligence chatbot, Bard, ...

Traders Are Starting to Put Big Money on the Fed Going to 6%
Traders Are Starting to Put Big Money on the Fed Going to 6%

(Bloomberg) -- A shift in sentiment on Federal Reserve policy is emerging in interest-rate options, where several big wagers on the central bank's benchmark ...

Fed
Fed's Williams Says Peak Rate Forecasts Still 'Very Reasonable'

(Bloomberg) -- Federal Reserve Bank of New York President John Williams said forecasts officials submitted in December are still a good guide for where...

Stabilus S.A. (ETR:STM) is favoured by institutional owners who hold 66% of the company
Stabilus S.A. (ETR:STM) is favoured by institutional owners who hold 66% of the company

A look at the shareholders of Stabilus S.A. ( ETR:STM ) can tell us which group is most powerful. And the group that...

InMode Ltd. (NASDAQ:INMD) is a favorite amongst institutional investors who own 57%
InMode Ltd. (NASDAQ:INMD) is a favorite amongst institutional investors who own 57%

To get a sense of who is truly in control of InMode Ltd. ( NASDAQ:INMD ), it is important to understand the ownership...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business