Thailand’s cabinet approved tax measures to help boost public consumption to support the economy as it recovers, according to Finance Minister Arkhom Termpittayapaisith.
Between January 1 and February 15, taxpayers will be eligible to deduct up to 40,000 Baht from their taxable revenues for certain purchases of goods and services. According to estimates, the refund will increase consumption by 56 billion baht and enhance growth by 0.16 percentage points.
The tax on land and property was decreased by 15%, various registration fees were waived for 2023, and the tax on jet fuel was slashed to 0.20 baht per liter from 4.726 baht for a period of six months beginning in January.
These announcements come after a number of prior stimulus programs aimed at assisting Southeast Asia’s second-largest economy, whose expansion has lagged behind that of other countries.