The Thai government will reduce import duties on luxury goods from 30 per cent to 5 per cent to create Thailand as a shopping paradise – one of several attempts to attract more than the 26 million tourists already projected to come to the country this year.
Areepong Bhoocha-oom, permanent secretary for finance, said the new import tax structure should be concluded in a few months with the hope that Thailand will be more competitive with duty-free countries such as Singapore and Chinas Hong Kong and that the country’s gross domestic product GDP would consequently grow by 4 per cent.
Admitting shrinking exports, he said the government would switch to stimulate the domestic economy with an emphasis on tourism which has been on a rising trend since early this year.
“We hope to attract 26.4 million tourists this year – an increase from 22.4 million people or by 18 per cent from last year,” said Mr Areepong. “The tourism and service sector represents 50.3 per cent of GDP and 44.5 per cent of total employment.”
The government aims to promote Thailand as a regional shopping paradise while the reduction of import tax on luxury goods could encourage tourists to stay longer during their visit to the country, he said. Mr Areepong said the lower import tax would also attract Thai people to shop for luxury goods in the country instead of having to buy the products abroad.
In supporting border trade and tourism, he said the government would allow Thais and foreigners to possess more cash from the original limitation at Bt500,000 per person.
The government has mapped out plans to boost domestic consumption through Bt880 billion state-initiated projects and speed up over Bt41 billion in state budget spending and Bt60 billion investment within this year, said Mr Areepong. He predicted that the US attack on Syria would have an impact on the prices of oil, gold and stocks for a short term. MCOT online news
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…)
Large Shopping Malls in Bangkok Will Be Closed until July 25th
Shopping malls under the Mall Group, including all branches of The Mall, the Emporium, Emquartier and Paragon Department Store, are also closed for 14 days, from today, except for supermarkets, food courts, pharmacy shops, eateries (take-out and delivery only), banks, mobile phone shops and vaccination sites.
Thailand Approves Package to Attract Wealthy Foreigners and Professionals
Thailand’s Cabinet has approved an economic stimulus and investment promotion package aimed at attracting wealthy foreigners and highly skilled professionals...
The Role of Telemedicine Today: During and Beyond the COVID-19
Lockdowns, quarantine periods, and hospitals fast filling to the brink needed the medical community to come up with solutions fast....
Malaysia, Thailand banks to join the ASEAN Banking Integration Framework
Banking institutions from Thailand and Malaysia are invited to join the ASEAN Banking Integration Framework and indicate their interest to...
Climate Change Could Force 49 Million People to Migrate in East Asia and the Pacific
Out-migration hotspots in agricultural areas of central Thailand and Myanmar coincide with areas expected to see declines in both water...
Thailand BOI Approves Measures to Support Carbon Reduction
greenhouse gas emission as well as an enhanced scheme for electric vehicles and measures to mitigate Covid-19 impacts and support...