Tag Archive: rules

  1. Bank of Thailand relaxes rules on Foreign Exchange Transactions

    Kommentare deaktiviert für Bank of Thailand relaxes rules on Foreign Exchange Transactions

    As the Thai Baht is under pressure due to imbalanced capital flows, thus unusually strong in comparison to foreign currencies, the Ministry of Finance (MOF) and the Bank of Thailand (BOT) decided to loosen rules to facilitate capital outflows. MOF and BOT expect these measures will lessen pressure on the Thai Baht. These regulations are effective since November 8th, 2019 and include facilitations on:

    • Repatriation of export proceeds;
    • Investment in foreign securities;
    • Outward transfers, and
    • Settlement of gold trading in foreign currency.

    From a practical perspective it is particularly interesting that the threshold, based on which additional verification and documentation need to be provided to commercial banks when outward transfers are conducted, has been increased. This threshold was increased from 50.000 USD to now 200.000 USD. This relaxation of the regulation is aiming to facilitate foreign exchange transactions by reducing the burden of providing documentation. As a consequence, outward transfers – especially for companies and businessmen – will now be swifter and easier to handle.

    If you have any questions regarding this topic, feel free to ask at [email protected].

  2. Stricter Rules for Work Permit Extensions

    Kommentare deaktiviert für Stricter Rules for Work Permit Extensions

    Regarding the work permit extension, the officer has discretion to extend the work permit for a time period not exceeding two years, depending on the company’s compliance with Section 21 of Foreign Workers Act.

    The officer will consider the financial statements of the employer related to the preceding year as well as VAT payments of the employer. Now, according to a new practice of the Labour Department, if the company has no income or income lower than One Million Thai Baht shown on the latest financial statement or VAT documentation, they will use their own discretion to extend the work permit for only 6 months. This practice is based on any specific law or regulation, rather it is an internal policy from the head of the Labour Department within their authority. The finances of the employer would be reviewed and considered. If the company operates continuously at a loss, the Labour Department questions how the company can do business without any profit and that it not reasonable to do business this way.

    However, the aforementioned policy is not strictly enforced. The Labour Department will be flexible if appropriate reasons are provided to explain why the company operates at a loss or has no any income at this moment. If the reason is acceptable, they will agree to extend the work permit for one year. The matter will be considered on a case by case basis.

  3. Thailand Immigration confirms new overstay rules are now official

    Kommentare deaktiviert für Thailand Immigration confirms new overstay rules are now official

    The website of the Thailand Immigration Bureau in Bangkok has on 22nd July 2014 posted a new announcement regarding its rules for overstay. Today’s announcement is further confirmation on the proposed crackdown on foreigners overstaying in Thailand, which was reported earlier this month.The announcement which is written in both English and Thai details the penalties for overstay as follows:

     

    It should also be noted that the new rules as detailed above confirm the removal of the proposed lifetime ban for overstaying 10 years or more, which was reported earlier.

     

    Source : www.ThaiVisa.com