CAPITAL GAINS TAX ON DIGITAL ASSETS MAY GO
The Revenue Department is expected to exempt capital gains tax on digital asset trading, said Rapee Sucharitakul, secretary general of Securities and Exchange Commission (SEC), yesterday.
He said the Revenue Department is considering tax exemption on incomes derived from cryptocurrency transactions after many concerns were raised over the tax rule’s preceived purpose of “killing start-ups”.
The department previously said that it would impose a 15 per cent withholding tax rate on the transactions of cryptocurrencies and digital tokens.
The Revenue Department, Bank of Thailand and SEC are currently drafting regulations to regulate fund-raising via initial coin offering (ICO) and the use of cryptocurrencies and digital tokens. Rapee said the regulations are expected to come into force by the end of this month.
SHELL COMPLETES BONGKOT STAKE SALE TO PTTEP
Shell announced yesterday that its affiliates, Shell Integrated Gas Thailand Pte Ltd and Thai Energy Company Ltd, have completed the sale of their 22.2 per cent interest in the Bongkot field and the adjoining acreage offshore Thailand to PTT Exploration & Production Public Company Limited (PTTEP) and PTTEP International Limited, a wholly-owned subsidiary of PTTEP, for a transaction value of $750 million.
This sale, consisting Shell’s stakes in Blocks 15, 16 and 17 and Block G12/48, was announced on January 31, 2018 and completion followed receipt of the necessary regulatory approvals.
PTTEP is the operator of Bongkot and with completion of this transaction, increased its stake in Bongkot to 66.6667 per cent. The remaining 33.3 per cent belongs to Total.
Completion of this deal shows the clear momentum behind Shell’s value-driven, $30-billion divestment programme and is in line with Shell’s drive to simplify and refocus its portfolio, reshaping the company into a world class investment. This announcement has no impact on Shell’s other business interests in Thailand.
MOODY’S AFFIRMS FOREIGN CURRENCY DEPOSIT RATINGS
Moody's Investors Service has affirmed the foreign currency deposit ratings of nine Thai banks.
The affected banks are: (1) Bangkok Bank Public Company Limited (BBL), (2) Bank of Ayudhya (BAY), (3) CIMB Thai Bank Public Company Limited (CIMBT), (4) KASIKORNBANK Public Company Limited (KBank), (5) Krung Thai Bank Public Company Limited (KTB), (6) Siam Commercial Bank Public Company Limited (SCB), (7) Standard Chartered Bank (Thai) Public Co Ltd (SCBT), (8) TMB Bank Public Company Limited (TMB), and (9) United Overseas Bank (Thai) Public Co Ltd (UOBT).
Moody's has also upgraded the baseline credit assessment (BCA) of BAY to baa3 from ba1, and of TMB to ba1 from ba2. The BCAs of the other seven affected banks were affirmed: BBL, KBank, and SCB at baa2; KTB, UOBT and SCBT at ba1; and CIMBT at ba2.
In the case of TMB and its Cayman Island branch, the outlook on all their ratings, where applicable, is changed to positive from stable. The outlook on the bank's senior unsecured debt, issued out of the Cayman Island branch, is also changed to positive from stable.
The ratings outlooks on the ratings and branches of the other eight affected Thai banks remain stable. A stable outlook was assigned to KTB Singapore branch.