In a move to boost Thailand’s reputation as a high-end shopping destination, the Thai government may lower import tariffs on luxury products from 30 percent to 5 percent.
A Finance Ministry source said the proposed cuts in import tariffs would cost the government over THB100 million in revenue loss, but there would be a greater return to the country in terms of corporate income tax, employment, and hotel and restaurant visits.
The ministry has tried to persuade producers of brand name products to set up production facilities in Thailand, the source said.
The tariff cuts would also be applied selectively to avoid hurting domestic businesses, the Bangkok Post reported.
