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Thailand approves tax breaks to spur consumption, revive economy

The government will offer a tax deduction of up to 30,000 baht ($966) on purchases of goods and services from October to December

Topics
Thailand | Coronavirus

Reuters  |  Bangkok 

Tourists enjoy on a beach at the island of Koh Tao, Thailand
Tourists enjoy on a beach at the island of Koh Tao, Thailand. Photo: Reuters

Thailand's cabinet on Monday approved tax incentives to boost domestic consumption in a bid to revive an struggling from the impact of the pandemic, the prime minister said.

The government will offer a tax deduction of up to 30,000 baht ($966) on purchases of goods and services from October to December, which is expected to inject 120 billion baht ($3.86 billion) into the economy, Prayuth Chan-ocha told a briefing.

Southeast Asia's second-largest could contract by a record 7.8 per cent this year, with the key tourism industry taking a beating, the central bank predicts.

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First Published: Tue, October 13 2020. 01:21 IST
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