Shoppers can spend against their tax bills twice as hard for 2020 as the government plans to increase the year-end tax rebate.
To boost spending, officials yesterday finalized a proposal to offer tax deductions of up to THB30,000 (US$960) for purchases of goods and services in a scheme to run Oct. 23 to Dec. 31.
The conditions? Shoppers must buy from registered businesses and get full receipts showing they paid the 7% VAT and tax invoices. As usual, things like booze, smokes, fuel, airline tickets, lottery tickets won’t be eligible.
Year-end spending measures have become a staple as the government tries to stimulate the economy, a need all the more now that it’s expected to contract by up to 9% for this pandemic year.
Though given a green light by the economic task force, the rebate measure awaits the final word of the cabinet next week.
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