The tax on banks' total deposit holdings will increase from 0.4% to 0.47% from July 31, Deputy Prime Minister Kittiratt Na-Ranong said on Monday.
The decision was announced after a meeting of senior officials of the Finance Ministry, the Bank of Thailand and the Thai Bankers' Association on Monday morning.
Mr Kittiratt said 0.46 per cent of the surcharge will be used to repay the Financial Institutions Development Fund's 1.14 trillion baht debt stemming from the 1997 economic crisis, and the remaining 0.01 per cent will be contributed to the Deposit Protection Agency.
Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong (Photo by Kosol Nakachol)
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.