BANGKOK, Sept 24 – The Thai government is stimulating its “Shopping Paradise” tourism campaign with a planned reduction of taxes on luxury goods from 30 per cent to 5 per cent, a senior Finance Ministry official said today.
Areepong Bhoocha-oom, permanent secretary for finance, said the new tax package would be wrapped up by next month to help generate more revenue from foreign tourists during the year-end shopping sprees – as one of the attempts to boost Thailand’s economy.
He said border trade, which has seen a 20 per cent growth each year, would be promoted and traders would be allowed to carry more cash across the border to facilitate investments and commercial activities between Thailand and neighbouring countries.
The Bank of Thailand recently approved additional exchange units to 30-40 private investors, a move that should stimulate border trade, he said.
