Pension Tax Deduction Will be Retroactive

24 December 2010

The Revenue Department stated today that when consumers buy pension insurance policies, a new tax deduction will be retroactive for all of this year.

The new tax deduction is expected to be enforced this year and to be retroactively effective for the remainder of 2010 as well as for the entire 2010 tax year. This deduction would apply to personal income taxes filed between January 2011 and March 2011.

This new benefit is comparable to other savings plans. For example, retirement mutual funds, long term equity funds and provident funds. A requirement will be put in place that the pension policy holder must be 55 years old and has not received any interim dividend payment.

If an individual buys a pension policy, under this tax scheme they can deduct up to 200,000 baht but not more than 15% of their taxable income when they file their taxes. Total insurance premium deductions can not exceed 300,000 baht a year, while the amount that may be deducted for provident funds, retirement mutual funds and government pension funds may not exceed 500,000 baht.

US and Thailand Join Forces to Hunt Drug Trafficking Suspects

24 December 2010

US narcotics suppression units have partnered up with Thai narcotics suppression officers to form a network in order to collaboratively hunt down eleven drug trafficking suspects. The suspects are believed to be hiding in several tourist meccas of Thailand.

The group supervisor of the US Drug Enforcement Administration (DEA) with offices in Bangkok met with officers in Phuket on November 23rd to discuss plans for the network, and the process the DEA and Thai officers will follow to discover the whereabouts of the eleven suspects. The suspects are believed to be hiding amidst tourists in the provinces of Chiang Mai, Phuket and Pattaya.

$2 million US dollars in cash will be given as a reward to anyone that can provide information about the suspects and subsequently leading to their arrest.

In a PR move, the joint network printed pictures of the eleven suspects on t-shirts, caps, beer glasses and matchboxes. The items will be passed out in Phuket, to both tourists and long term residents. Another PR push is planned for December 13th, to try to secure help from local residents to provide any information that might lead to clues on the locations of the suspects.

Treaties Law Fails to Pass Parliamentary Committee

15 December 2010

A joint parliamentary committee meeting to discuss proposed amendments to Section 190 of the Thai Constitution, which provides details on international treaties, failed to reach a consensus on alterations to this section.

A key amendment under consideration is if Section 190 should provide specific guidelines for the types of international treaties that require parliamentary endorsement.

Another point being conside red for amendment is if treaties involving border demarcation issues should be separated from other treaties.

The committee is also meeting to resolve an apparent loophole in Section 190, where the types of treaties and other agreements to meet prior approval by the parliament are not specified.

Government officials have stated that it is necessary for the law to clearly specify the different types of treaties in order to prevent problems in the future.