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Thailand passes first inheritance tax to raise revenue in lacklustre economy BANGKOK: Thailand's military government has passed the country's first inheritance tax bill, as part of tax reforms to broaden the tax base and boost revenue in a lacklustre economy.The bill, approved by the National Legislative Assembly late on Friday, will require inheritors of assets worth more than 100 million baht ($3 million) to pay tax above that threshold - at 5 percent for descendants and 10 percent for others.That compares with a previously planned threshold of 50 million baht and a tax rate of 10 percent. The bill will be effective 180 days after it is announced in the Royal Gazette.Finance Minister Sommai Phasee said last week with a tax rate of 5 percent, the government expected to collect about 3 billion baht per year.The inheritance tax is among the overall tax reforms, which Prime Minister General Prayuth Chan-ocha previously said would terminate benefits that favour the rich.Prayuth led an ...

Two 6.8-magnitude quakes strike off Solomon Islands: USGS SYDNEY: Two strong 6.8-magnitude earthquakes struck off the Solomon Islands early Saturday, US geologists said, but there were no initial reports of damage and no tsunami warnings were issued.The first quake hit at a depth of 10 kilometres (six miles), 205 kilometres from Kirakira and 448 kilometres from the capital Honiara and the second shallow quake struck just over two hours later about 159 kilometres from Kirakira. The Solomons have been rocked by several quakes ...
North Korea says it has miniaturised nuclear weapons SEOUL: North Korea said Wednesday it has succeeded in miniaturising its nuclear weapons, a development which could allow them to be delivered by missile."It has been a long time since we began miniaturising and diversifying our means of nuclear strike," the powerful National Defence Commission (NDC) said in a statement carried by the official Korean Central News Agency."We have also reached the stage where the highest accuracy rate is guaranteed not only for short- and ...
Malaysia, Indonesia to 'provide shelter' for boatpeople KUALA LUMPUR: Malaysia and Indonesia on Wednesday offered to provide "temporary shelter" to thousands of migrants stranded at sea, provided that they could be resettled or repatriated within a year."Indonesia and Malaysia agreed to continue to provide humanitarian assistance to those 7,000 irregular migrants still at sea," Malaysian Foreign Minister Anifah Aman and his counterpart Retno Marsudi of Indonesia said in a joint statement after talks on the issue."We also agreed to offer them temporary ...
Indonesian envoy dies after helicopter crash JAKARTA: An Indonesian ambassador who was on a military helicopter that crashed this month killing two other foreign envoys died on Tuesday after battling severe burn injuries, Indonesia's foreign minister said.Ambassador Burhan Muhammad, 58, was aboard the military helicopter, along with his wife and a delegation of ambassadors when it crashed on May 8 and set a school building ablaze in the Gilgit area.His wife, the Norwegian and Filipino ambassadors, and the wife of the ...
Iran defence minister in Baghdad for talks BAGHDAD: Iran's defence minister arrived in Baghdad on Monday for talks with his counterpart, a day after the Iraqi government suffered one of its worst losses with the fall of Ramadi to militants.Hossein Dehghan "will hold consultations with Iraqi Defence Minister Khaled al-Obeidi," a ministry official said on condition of anonymity, adding that the visit was pre-scheduled.Copyright AFP (Agence France-Presse), 2015 ...
Prince Harry ends New Zealand, Australia visit on winning note AUCKLAND: Britain's Prince Harry wrapped up a visit to New Zealand and Australia on Saturday by scoring the winning goal in a football match and proving he can help capture a crocodile.The 30-year-old prince spent a week in New Zealand, which started with a pub quiz on an outer southern island, included learning a traditional haka at a military camp, and finished with a day of sport at Auckland.He also revealed during the official visit ...

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln