BANGKOK (NNT) – A meeting of cabinet ministers has approved the Shop Dee Mee Kuen campaign, aimed at stimulating domestic spending, taking effect from October 23rd to December 31st this year.
The Government Spokesman, Anucha Burapachaisri, said today that the cabinet had approved the Shop Dee Mee Kuen campaign, as proposed by the Ministry of Finance.
Tax deductions of up to 30,000 baht
The campaign offers taxpayers income tax deductions of up to 30,000 baht when purchasing products and services with a value-added tax (VAT) component.
The products and services include books and One Tambon One Product (OTOP) goods, but exclude alcoholic beverages, tobacco, lottery tickets, fuel, accommodation and air tickets.
Those who are eligible will have to file for their rebates on March 2021.
This economic stimulus measure will run from October 23rd to the end of this year. Eligible individuals do not include people participating in the project to increase the purchasing power of welfare card holders or the co-pay project.
3.7 million people are expected to apply
Some 3.7 million people are expected to use Shop Dee Mee Kuen privileges, which will mean that the government will lose about 14 billion baht in revenue. However, the campaign is expected to inject 111 billion baht into the domestic economy, boosting the gross domestic product (GDP) of the country by 0.03 percent this year.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
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