The tax break shopping scheme or “Shop Chuay Chart” started this week in Thailand as shoppers flocked to various supermarkets and department stores to buy and get receipts for deduction on their annual personal income tax.
Today, many major retailers rolled out sales promotions to attract customers to shop and boost sales during the Shop Chuay Chart campaign which will last until Dec 3, or 23 days in total.
Under this measure, an individual income taxpayer can deduct the value of domestic purchases of goods and services from personal income tax. The goods and services bought must be for use in the country only.
However, the tax deduction will be capped at 15,000 baht.
The government expects the tax break shopping could boost sale at least 30%.
But some shoppers reportedly lodged complaints with the Internal Trade Department (ITD) that traders have deliberately removed discount price tags of goods on shelves and put new price tags higher than the earlier price tags, indicating that they intended to exploit the state-promoted campaign to stimulate economy.
Complaints from the public immediately prompted the ITD to issue stern warning that any traders found to behave unethically by deliberately raising good prices would face legal actions.
Officials were sent to several shopping places to check out the alleged unethical practices by traders.
Central Pattana or CPN, a major retailer and property development company, has spent more than 400 million baht for the promotion campaign, while Tesco-Lotus is offering 30-50% discount promotions.
Some Tesco branches will also extend their operating hours to give customers more time to shop.
Online shoppers are also advised to request for the full receipts in order to enjoy the tax privilege.
Taxpayers who will be benefitted from the tax break campaign are those earning 150,001 baht or more a year and have purchased the products with value-added tax.
The products which are exempted from the value-added tax are not applicable to the tax break such as book, textbook, gold bullion, alcohol, beer and wine.
Thailand aims to push its games and content industry
After almost a year under the pandemic, the number of game players in Thailand rose to 32 million and helped the market generate over a billion dollars in 2020, according to NewZoo, an international analytics and market research group.
Thailand’s H1 Investment Applications rise 158% in combined value, BOI says
Japanese firms ranked first with 87 projects worth 42.8 billion baht, followed by investments from the U.S. with 18 projects worth 24.1 billion baht, and China with 63 projects worth 18.6 billion baht.
In the first six months of 2021, Thailand’s investment applications increased 14% from the year earlier period in terms of the number of projects, and 158% in combined value, led by increasing foreign direct investment (FDI) applications, sustained growth in target industries including the electronics and medical sectors, as well as in power generation, the Thailand Board of Investment (BOI) said.(more…)
Can border reopening revive tourism in South-East Asia?
In Thailand, where pre-pandemic tourism accounted for 11-12% of GDP, the country lost an estimated $50bn last year as Covid-19...
Thailand dropped from UK’s tough covid-19 travel ‘red list’
Earlier, Thailand was listed among countries with high infection levels that were put on a ‘red list’, requiring arrivals to...
The ASEAN-Russia Trade and Investment Cooperation Work Program
ASEAN and Russia recently agreed to enhance and widen economic cooperation at the 10th ASEAN Economic Ministers (AEM)-Russia Consultations held...
Flexible Workspace Startup Worklounge Debuts with 20+ Luxury Member Lounges in Thailand
Worklounge launches a premium membership granting remote professionals and executives access to exclusive hotel lounges across Thailand. Their platform is...
5 insights to guide ASEAN’s digital generation in a post-pandemic world
We surveyed 86,000 people from six ASEAN countries about their views for a post-pandemic world. The ASEAN Digital Generation Report...