What's new in business news: December 30, 2013 | Bangkok Post: learning

Learning > At Work (เรียนภาษาอังกฤษสำหรับที่่ทำงาน)

What's new in business news: December 30, 2013

- +

New SME tax receipt requirement to prevent tax underpayment, slowdown in IPOs in 2013 & oil price factors next year. 

PERSONAL INCOME TAX 

New SME tax receipt requirement to prevent understatement of tax payments

In a new tax cut for personal income tax in Thailand, the Revenue Department plans to double the ceiling for tax-deductible expenses for individuals to 120,000 baht. The current maximum deduction is 40% of assessable income or 60,000 baht a year.

A new tax receipt requirement for the deduction will encourage individual taxpayers to request proof of purchases when they buy services and products from SMEs, preventing them from understating their tax payments. The increased tax deduction can only be claimed using tax receipts, which are not currently required and must be issued by small and medium-sized enterprises (SMEs) with annual sales of less than 30 million baht. The department expects higher sales for SMEs and individuals seeking to benefit from the deduction will also force those SMEs into the tax system when they issue tax receipts.

The latest cuts in personal income tax will take effect in the 2013 tax year for 2014 filing with the middle class likely to be the greatest beneficiaries with cuts of up to 40%-50%. High-income earners are expected to enjoy a smaller 6% cut. The government projects 26 billion baht in tax revenue will be lost due to the tax cuts. If the latest tax cut achieves its objective of creating a broader tax base and bringing in more tax revenue, the personal income tax may be reduced further. 

Those subject to the top tax bracket are the Revenue Department' s main focus for increasing tax revenue. Although the ceiling rate for personal income tax in Thailand was slashed to 35% of assessable income from 37%, it remains the highest in Southeast Asia. The maximum income tax rate in some countries stands at a mere 20%.

[Read full story here ]

OIL

Oil price factors next year: China, US debt ceiling & fracking 

Crude oil prices fluctuated throughout 2013 and the trend will likely continue next year. Dubai crude oil moved within a range of US$95-115 a barrel in 2013, while the average price for the year was US$106, down from last year's average of $109. Crude oil prices at the start of the year increased from 2012 on the back of good economic figures, especially from the Chinese and US manufacturing sectors, causing Dubai crude oil to climb to its highest level for the year at $113 a barrel in mid-February. However, prices continued to be affected by the US debt ceiling problems. As well, the new Chinese leader officially assuming office in March caused prices to fall, as markets were concerned that the country's new economic reform policy would cause oil demand in the world's second-largest oil-consuming country to decline.

In the second quarter, crude oil prices were heavily pressured by the weakening global economy, especially European debt, particularly severe in Cyprus, and China's weakening economy. In the third quarter, prices rose steeply due to unrest in a group of major oil-producing countries. Tightening world crude supply was the possibility of US military intervention in Syria; shutdowns of crude oil ports in Libya; clashes in Egypt between the military and supporters of the former president; a pipeline explosion in Iraq; and oil thefts from a pipeline in Nigeria.

However, crude prices did not remain high for long, as unrest in Syria and Egypt eased in late September, relieving market concerns over tight crude supplies in the Middle East, the US budget crisis also contributed to the fall in prices. Problems in Libya led to a fall in oil production and exports and contributed to the price decline. Failure of nuclear talks with Iran caused prices to rise again. 

Due to increased fracking in the US, the oil supply from non-Opec oil producers is expected to rise by 1.72 million bpd from 2013. Iraq's restructuring of its crude oil industry could result in a rise by 2 million bpd in 2014, if it is on-schedule. 

[Read full story here ]

IPOs

Slowdown in IPOs in 2013

The strong demand for initial public offerings (IPOs) that began in 2012 slowed down in the second half of 2013 after a number of deals failed to live up to expectations.  In 2013, a total of 38 stocks, property and infrastructure funds started trading on both the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (MAI), raising a combined 192 billion baht.

The BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF) emerged as the country's largest IPO raising 62.5 billion baht, while the True Telecommunications Growth Infrastructure Fund (TRUEGIF) was in the second spot with 58.8 billion baht.

The market prices of property and infrastructure funds were below the offering prices with the exception of TRUEGIF. TRUEGIF, whose symbol is TRUEIF, started trading below its IPO price most of the day but managed to close at the IPO level. Dismal IPO debuts included one at 3.77% below the IPO price, another offered at a 22.9% discount from the offering price, another falling by 29.3% below its IPO price, yet another yielding an 8.37% discount from the offering price and yet another sank 10.5% below the IPO price. On the other end of the scale, some jumped as much as 200% on their first days of trading.

[Read full story here ]

Learn from listening

Click "play" to listen to What's new in business news: December 30, 2013 and "Download" to keep this file for educational purpose.

Vocabulary:

achieve: to succeed in doing something very good or difficult - บรรลุผลสำเร็จ

annual: happening every year - ทุกๆปีด, ประจำปี

assess a tax: to require that a tax be paid by a company or person -

assessable income: income that tax has to be paid on -

beneficiary: a person who gains as the result of something - ผู้ได้รับผลประโยชน์

benefit: to get help or an advantage from something - ผลประโยชน์

broad: wide - กว้างขวาง

budget: to plan the way money is spent - ให้งบประมาณ,ทำงบประมาณ

ceiling: an upper limit - เพดาน ขีดจำกัด

claim: to demand or ask for something because you believe it is your legal right to own or to have it - อ้างสิทธิ, ยืนยัน

clash: a fight between groups of people - การปะทะกันสองฝ่าย

continued: happening or existing for a period of time without interruption - ซึ่งติดต่อกัน, ซึ่งต่อเนื่องกัน

contributed to: helped to cause an event or situation - ช่วยก่อให้เกิด

crisis: an urgent, difficult or dangerous situation - วิกฤต

crude oil: oil that is still in its natural state (crude) before processed in a refinery and made into chemicals - น้ำมันดิบ

current: of the present time - ปัจจุบัน

currently: at this time; now - ในปัจจุบัน

deal: a formal agreement, especially in business or politics - ข้อตกลง, การตกลงซื้อขาย, การซื้อขาย

debut: performing or being introduced to the public for the first time - การเปิดตัว

deduct: to take away an amount or part from a total - หักออก

deduction: the process of taking an amount of something, especially money, away from a total, in this case taxes; the amount that is taken away - การหักลบ

deduction: the process of taking an amount of something, especially money, away from a total; the amount that is taken away - การหักลบ

demand: the need and desire of people to buy goods - อุปสงค์

discount: a reduced price or rate - การลดราคา

dismal: extremely bad - มืดมัว,ห่อเหี่ยว

double: to become twice as big, twice as much or twice as many - เพิ่มเป็นสองเท่า

due to: because of - เนื่องจาก

earner: a person who earns money for a job that they do - ผู้มีรายได้

ease: to make a problem, situation or pain less severe or serious - บรรเทา

encourage: to make someone more likely to do something, or to make something more likely to happen - ปลุกใจ

exception: someone or something that is different in some way from other people or things and so cannot be included in a general statement - เป็นที่แตกต่าง ที่พิเศษออกไปจากกลุ่ม

expectations: what is expected - ที่คาดไว้

expenses: money spent in doing a particular job, or for a particular purpose - ค่าใช้จ่าย

explosion: a large, sudden or rapid increase in the amount or number of something - การระเบิด

file: to take official action like making a complaint - ยื่น, ยื่นคำร้อง

fluctuate: to change or vary, especially continuously and between one level or thing and another - ผันแปร, ขึ้นๆ ลงๆ

focus: to give attention, effort, etc. to one particular subject, situation or person rather than another - เพ่งความสนใจ

former: of or in an earlier time; before the present time or in the past - อดีต, แต่ก่อน

fracking: hydraulic fracturing, a technique for mining shale gas, natural gas that is trapped within shale, an increasingly important source of natural gas in the United States (See Wikipedia Hydraulic Fracturing) -

fund: money provided for something - เงินทุน กองทุน

income: money that someone gets from working or from investing money - รายได้

income tax: the percentage of the money that a person or corporation earns that they pay to the government as tax - ภาษีเงินได้, ภาษีรายได้

individual: relating to or involving a single, separate person or thing - แต่ละบุคคล

individuals: persons - บุคคล

infrastructure: a set of systems within a place or organisation that affect how well it operates, e.g., the telephone and transport systems in a country or the system of train tracks that a railway uses - สาธารณูปโภค

initial public offering (IPO): the act of selling shares in a company for the first time - การเสนอขายหุ้นใหม่แก่ประชาชนทั่วไปเป็นครั้งแรก, ไอพีโอ

intervention: a situation in which someone becomes involved in a particular issue, problem, etc., in order to influence what happens - การแทรกแซง

issue: to officially give out - ออก

live up to: to do as well as or be as good as other people expect you to - เป็นไปตามความคาดหวัง

mass transit: the system of moving large numbers of people around in a city, including buses, trains, subways, etc. - การขนส่งมวลชน

maximum: the most possible - ที่สูงสุด ที่มากที่สุด

middle class: people who earn enough money to pay their family's expenses and save some too; people who are not rich and not poor but in the middle, in between; bourgeoisie, white-collar class - ชนชั้นกลาง

military: connected with soldiers or the armed forces - ในทางทหาร,เกี่ยวกับทหาร

objective: what you plan to achieve; goal; aim; purpose - เป้าหมาย

on schedule: at the planned time - ตามตาราง

personal income tax: the income tax paid my people, not big companies (corporate income tax) -

pipeline: a series of pipes that are usually underground and are used for carrying oil, gas, etc. over long distances - ท่อส่งผ่านน้ำมันปิโตรเลียมหรือก๊าซธรรมชาติ

port: an area of water where ships stop, including the buildings around it - ท่าเรือ

prevent: to stop somebody from doing something; to stop something from happening - ขัดขวาง, กัน, กีดขวาง

proof: information, documents, etc. that show that something is true - การพิสูจน์

property: a building or buildings and the surrounding land - อสังหาริมทรัพย์

purchase: something that has been bought - ของที่ซื้อมา

quarter: three months of the year on the official calendar of the government or companies -

rate: an amount of money that is paid or charged - ราคา, อัตรา

receipt: a piece of paper which proves that money, goods or information have been received - ใบเสร็จ, ใบรับ

request: to ask for something in a formal or polite way - ขอ, ขอร้อง

requirement: something that you must have or do in order to do or get something else - ข้อกำหนด, ข้อบังคับ

revenue: income from taxes or business activities - รายได้

Revenue Department: the government department responsible for collecting taxes - กรมสรรพากร

shutdown: turning something off, so that it is not operating anymore -

slash: (of a budget, price, etc.) to cut, especially by a large amount - ตัด

spot: the particular place where someone or something is - ที่, สถานที่

steeply: if something such as a cost rises steeply, it increases by a large amount; if it falls steeply, it decreases by a large amount - ซึ่งขึ้นสูง; ซึ่งลดลง

subject to: depending on; affected by - ขึ้นอยู่กับ  มีผลมาจาก

supply: an amount or quantity of something that is available to buy or use; use the amount of a good available in a market to buy - อุปทาน

supporter: a person who helps and supports a person, organization or idea - ผู้สนับสนุน

symbol: someone or something that represents a particular idea or quality - สัญลักษณ์

take effect: to begin to be used or required - ส่งผล

talks: negotiations; when two sides that disagree get together and "talk" to reach some agreement - การเจรจา, การเจรจาต่อรอง

tax base: the people and companies who pay taxes, where taxes come from -

tax bracket: a range of incomes that are taxed at the same rate or percentage -

tax-reductible: can be used to reduce tax paid -

taxes: money that you have to pay to the government so that it can pay for public services - ภาษี

telecommunications: the science and technology of sending information by telephone, radio, or television - โทรคมนาคม

theft: (the act of) dishonestly taking something which belongs to someone else and keeping it - การลักขโมย

trade: the buying and selling of goods and services - การค้าขาย

trend: a gradual change or development that produces a particular result   - ทิศทาง แนวโน้ม

understatement: a statement that makes something seem less important, serious, big, etc. than it really is - ข้อความที่ไม่ครบตามความจริงทั้งหมด ที่ไม่เต็มเม็ดเต็มหน่วย

unrest: angry or violent behaviour by people who are protesting or fighting against something - สถานการณ์ที่ไม่สงบ

More on this topic

Bangkok Post online classifieds

Try buying & selling goods and properties 24/7 in our classifieds which has high purchasing power local & expatriate audience from within Thailand and around the world.

0 people commented about the above

Readers are urged not to submit comments that may cause legal dispute including slanderous, vulgar or violent language, incorrectly spelt names, discuss moderation action, quotes with no source or anything deemed critical of the monarchy. More information in our terms of use.

Please use our forum for more candid, lengthy, conversational and open discussion between one another.

  • Latest
  • Oldest
  • Most replied to
  • Most liked
  • Most disliked

    Click here to view more comments