Thailand passes tax reduction to promote public consumption According to Reuters

© Reuters. FILE PHOTO: A Thai Baht note is seen in this illustration photo on June 1, 2017. REUTERS/Thomas White/Illustration

BANGKOK (Reuters) – Thailand’s cabinet on Tuesday approved a tax measure to help boost public consumption starting in January to support the economy as it recovers, a government spokesman said. said on Tuesday.

Deputy government spokesman Traisuree Traisoranakul told reporters that the government will deduct 40,000 baht ($1,149.4) from the tax for shoppers when purchasing goods from January 1.

Finance Minister Arkhom Termpittayapaisith will hold a briefing on the approved measure late Tuesday.

The tax cuts follow earlier stimulus measures aimed at supporting Southeast Asia’s second-largest economy, which has grown more slowly than other countries in the region, with a vital tourism industry just starting to grow. early recovery this year.

Economic growth of 1.5% last year was among the slowest in the region.

The central bank said on Monday that the economy is expected to fully recover in the second half of 2023. The bank forecasts the economy will grow 3.2% this year, to 3.7. % in 2023 and 3.9% in 2024.

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