Finance ministry announces new stimulus packages and tax breaks

Thailand’s Finance Ministry has announced a raft of new stimulus measures to help prop up parts of the Thai economy suffering under the impact of the coronavirus. They say the measures will assist “all sectors of Thai society currently affected by the Covid-19 situation”, which arrived at the same time as an economic slowdown, an export slump and drought.

The Finance Minister Uttama Savanayana says the first package will be proposed to his economic ministry this Friday. The decisions will be forwarded to the cabinet for discussion and approval. He says he expects the package, if it is approved, to “start to bear fruit in June or July this year”.

The whole package is worth 100 billion baht. He said the cash giveaways are earmarked for low-income earners, farmers and independent workers.

“The stimulus package will include a 1,000 baht per month grant to all low income earners, including farmers, office workers and independent entrepreneurs, to help them meet their cost of living through this unsettled period.”

The minister says the relief package must be “big enough” to help the country reeling from the global outbreak of Covid-19 – it must cover all groups of people; hit the target efficiently: be proportional to the current situation; and short-term.

The 1,000 baht will be sent to the the user’s PromptPay accounts on their phones so that they can spend it on essential items. He says that over 14 million people, already classified as low-income earners, will receive the money.

The Minister noted that the stimulus package will also cover support for the country’s stock market and business operators in the form of tax breaks.

SOURCE: Thai PBS World