In a bid to promote tourist spending during the tourism high season at the end of the year, the Ministry of Finance will propose the reduction of taxes on “luxury items.”
The “Shopping Paradise” scheme will lower the tax on luxury items from 5 percent to 30 percent depending on the item.
The Finance Ministry’s permanent secretary indicated that careful evaluation would be made on the scheme, because although the increased tourism revenue would help drive the economy, the reduction of the tax could have an adverse impact on Thai businesses, especially those in clothing and cosmetics.
The Ministry of Finance is also looking at promoting border trade by allowing a higher limit on the amount of cash individuals can take through border points, reported NNT.
