1. Government mulls measures to boost tourists from India, including visa waivers and tax exemptions on jewelry imported for Indian weddings held in Thailand, with PM to travel to India to discuss increasing flight frequency between Thailand and India.
  2. No payout for Hopewell: Court overrules compensation order. The Central Administrative Court yesterday overruled an arbitration tribunal’s order for the Ministry of Transport and the State Railway of Thailand (SRT) to pay multi-billion baht compensation in the Hopewell saga. Bangkok Post
  3. Framework given nod by cabinet: The cabinet yesterday approved a budget framework for fiscal 2024 worth 3.48 trillion baht, an increase of 130 billion baht from the previous plan, with a larger budget deficit of 693 billion baht, up from 593 billion baht approved by the previous government. According to government spokesman Chai Wacharonke, the increase in budget is intended to make it align with the medium-term fiscal plan for the years 2024 to 2027, as proposed by the Financial and Fiscal Policy Committee. This increase in the budget comes from projected revenue growth of 30 billion baht, which will be used to cover the increased interest payments on loans due to rising interest rates and to address the increased budget deficit of 100 billion baht to support important government initiatives and maintain fiscal and monetary discipline. Bangkok Post
  4. Egat seeks power plan nod: The state-run Electricity Generating Authority of Thailand (Egat) expects the cabinet to approve its plan to boost power generation capacity at its gasfired South Bangkok facility in Samut Prakan after the plan recently went through a public hearing. Additional capacity is needed as some generators were decommissioned and the Egat needs to ensure there will be enough electricity for Bangkok residents. Bangkok Post
  5. BOI reported 4,842 individuals applied for Long-Term Resident Visa (LTR) for the 1st year of debut (Sept 1,22-Aug 31,23), European a/c for 45% at 2,179 followed by US 810 & Chinese 507. Retirement individuals w/ annual income above US$80k logged most at 1,451, a/c for 30%, expat 1,228 (25.4%), high-skill workers 757 (15.6%), high-income earners >US$ 1m p.a. 304 (6.3%), spouse and following relative 1,102 (22.8%).
  6. Rev dept to plan enforcing a personal income tax on foreign income, including earnings from crypto trading for individuals residing in the country for >180 days, residents engaged in foreign stock market trading thru foreign brokers and TH individuals w/ offshore a/c among t/g groups, new regulation to take effect on Jan 1,24.
  7. Warning over EV worker shortages: Industry has 53,000 skilled vacancies. Thailand faces a critical shortage of electric vehicle specialists and skilled workers needed to fuel the growth of EVs and related industries, which are struggling to fill more than 53,000 professional and employee positions, says the Electric Vehicle Association of Thailand (EVAT). Bangkok Post
  8. Foreign applications rise by 14%: Foreign investment tallied 65.8 billion baht for the first eight months of this year, with Japan still topping the list in terms of spending to develop businesses in Thailand. Japan’s investment value amounted to 22 billion baht for the period, followed by Singapore at 14 billion, China 11.9 billion, Hong Kong 5.35 billion, and the US 3.07 billion. Bangkok Post
  9. Bond issuance at suitable level: The Public Debt Management Office says the issuance of government bonds in fiscal 2024 will be at an appropriate level. The Public Debt Management Office (PDMO) says the issuance of government bonds in fiscal 2024 will be at an appropriate level, according to directorgeneral Patricia Mongkhonvanit. She said the bond issuance limit for fiscal 2024 increased from fiscal 2023 by around 160 billion baht to offset the budget deficit in fiscal 2024 and support growth of the domestic bond market. Bangkok Post
  10. Thai August vehicle production dropped -12% YoY in-line with failing domestic sales due to high consumer debt level and banks tightening loan standard, according to Federal of Thai Industries

Bonus 2

  1. Transport Minister persists with the ‘Land Bridge’ project and wants project construction to start in 2025.
  2. Cannabis stocks: Prime Minister says the law on cannabis usage will need to be rewritten, rectified and regulated for medical use only and there cannot be middle ground for recreational use.

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