Tax on bank deposit holdings to rise

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Tax on bank deposit holdings to rise

Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong (Photo by Kosol Nakachol)

Published: 13/02/2012 at 06:40 PM
Online news: Local News

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)

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nui
Post : 175
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Discussion 3 : 14/02/2012 at 03:08 AM3
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If you have 10 million Baht and only 1 Million Baht is insured, than you have no choice but to open 11 deposit accounts for different family members with several banks. That is why there are so many deposit accounts less than 1 Million Baht. To increase back to 10 Million Baht or at least 5 Million Baht would be a very good decision, because a lot of people have invested their money on short term deposit only or they split their deposit at different Banks. At the moment, many people prepare for August 11; they take their money out of bank accounts and invest in gold or other commodities. If there are no changes in the Deposit Protection Act soon, the commercial banks will notice a huge withdrawal of money from deposit accounts.
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dao
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Discussion 2 : 14/02/2012 at 02:10 AM2
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So when the banks raise their fees to make up for this tax rise it is in effect the taxpayer paying the debt .Thanks PT .I will think about that as we are about to go into even more massive debt now that you unloaded the first one off on the bank .
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ianprince
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Discussion 1 : 13/02/2012 at 06:22 PM1
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Why pay back the debt when Thailand is so poor?
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Tax on bank deposit holdings to rise | Bangkok Post: news