foreign postal items

Thailand introduces VAT for foreign postal items

Thailand’s new VAT regulations on imported goods, implemented to ensure fair trade and protect local producers, are a significant development for the country’s economy. Thailand’s Customs Department is set to implement a new policy, starting from May 2024, that will charge value-added tax (VAT) on all imported goods sent through postal services, regardless of their value. According…

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PromptPay

Thailand moves to a cashless economy with PromptPay

The spread of cashless payments through PromptPay’s electronic payment system in Thailand is set to reach a record high in 2023 The Bank of Thailand’s 2023 year-end report said financial transactions passing through PromptPay, Thailand’s national electronic payment platform, reached a new high in 2023, while the number of cash transactions declined markedly. In December…

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Mule Accounts

Thailand Cracks Down on Mule Accounts with New Mobile Banking Rules, Thousands of Foreigners Affected

On February 1, 2025, Deputy Government Spokesperson Karom Polpornklang declared that the government is enhancing security through a “Mobile Banking Cleanup” initiative aimed at eliminating mule accounts involved in financial crimes. With the new regulations, the name on mobile banking accounts must align with the owner of the registered SIM card. Banks will alert users…

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Thai PM

Thai PM Meets Xi Jinping During Official Visit to China, Strengthens Diplomatic and Economic Ties

Thai Prime Minister Paetongtarn Shinawatra has begun her official visit to the People’s Republic of China, reaffirming the 50-year diplomatic and economic relationship between the two countries. For 12 years, China has been Thailand’s primary trading partner, with investments surpassing $100 billion.Prime Minister Paetongtarn engaged with President Xi Jinping to highlight the long-standing diplomatic and…

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