Connect with us

Economy

Finance ministry to consider incentives to stimulate shopping, retail sector

Published

 on 

FILE PHOTO

Thailand’s finance minister says his ministry is ready to consider retailers’ proposals for tax breaks on shopping to stimulate domestic spending. The ministry has assigned related agencies, including the Fiscal Policy Office, the Revenue Department and the Excise Department, to examine the possibilities, Uttama Savanayana said yesterday. His remarks come after retailers asked the government to apply a shopping tax break similar to the one used in 2015-16, this time raising the cap on claimed value from 30,000 to 50,000 baht per shopper.

“We need to consider in detail what are the problems and what are appropriate measures. We’ve launched relief measures, and the domestic tourism-boosting package is the latest example.”

The CEO of Siam Piwat, which operates Siam Paragon, Siam Centre and Iconsiam, says the government should come up with measures to motivate people to get out of the house and spend more, and the measures should be arranged for a longer period of 3-6 months to give people more time to go shopping.

“The government has already launched a host of measures to remedy many sectors, but any measures for the retail sector are yet to be declared or made available.”

The president of department store giant Robinsons says the company would like the government to launch a shopping stimulus package for the retail market as soon as possible, citing the difficulty of relying on local consumption.

“Measures or shopping incentives, if provided, will help stimulate people to spend more in the country. Without any aid or stimulus measures, rising unemployment is anticipated, aggravating a retail business already hard hit by the deadly virus.”

SOURCE: Bangkok Post

 

Get more from The Thaiger

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Jack Burton is an American writer, broadcaster, linguist and journalist who has lived in Asia since 1987. A native of the state of Georgia, he attended the The University of Georgia's Henry Grady School of Journalism, which hands out journalism's prestigious Peabody Awards. His works have appeared in The China Post, The South China Morning Post, The International Herald Tribune and many magazines throughout Asia and the world. He is fluent in Mandarin and has appeared on television and radio for decades in Taiwan, Mainland China, Hong Kong and Macau.

Follow Thaiger by email:

Crime10 mins ago

Thai temple man charged with murder of alleged would-be robber

Travel14 mins ago

5 incredible beaches in Phuket to visit in 2022

Travel15 mins ago

Board game cafes in Bangkok to unleash your competitive streak

Sponsored6 hours ago

British International School Phuket: Reflecting on 25 years of world-class education

Cannabis17 mins ago

Cannabis is illegal on Khao San Road, officials call for crackdown

Bangkok1 hour ago

Crocodile turns up in an unusual location: the heart of Bangkok

North East2 hours ago

48 year old Thai man gets first ID card after a lifetime of trying

Join the conversation on the Thaiger Talk forums today!
Thailand2 hours ago

The Power of Resilience: Anna wins the Miss Universe Thailand crown by Mouawad

Tourism2 hours ago

4am alcohol curfew may increase revenue, but also crime, deaths

Chon Buri3 hours ago

Mountain B fire claims 19th life, 23 year old woman dies in hospital

Tourism3 hours ago

Another long weekend brings huge crowds to Surat Thani

Travel3 hours ago

Best diving schools in Koh Samui for 2022

Crime3 hours ago

1 dead, 4 injured as gunmen rampage at a Bangkok wedding

Crime4 hours ago

Tenant fined 140,000 baht for keeping dog in Bangkok condominium

Pattaya4 hours ago

Speedo-wearing middle-aged joggers in Jomtien cause uproar

Thailand4 hours ago

Thailand No.1 in the world for a wellness retreat

Thailand11 months ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand1 year ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism1 year ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket1 year ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism1 year ago

Phuket Thai food treats you need to try | VIDEO

Thailand1 year ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism1 year ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand2 years ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand2 years ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand2 years ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand2 years ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand2 years ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand2 years ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand2 years ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand2 years ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending