Prayut mulls sweeteners for year-end shopping stimulus

By  THE NATION 

 

 

THE government is considering the reintroduction of a year-end retail stimulus scheme that enables shoppers to enjoy tax deductions on purchases.

The initiative is aimed at coaxing consumers to spend more and help boost economic growth.

 

Prime Minister Prayut Chan-o-cha said, after chairing a Cabinet meeting yesterday, that the Ministry of Finance had been tasked with reviewing the annual tax incentives for year-end shopping with a view to extending the eligibility period.

 

“The shopping tax incentive was offered in 2015 and 2016. This year, more study is needed into the details of the scheme and the possibility of a longer period for the tax break,” Prayut said.

 

Last year, the government allowed Thais a tax deduction of up to Bt15,000 on goods they bought from December 14-31.

 

Prayut said that several macroeconomic factors, including an increase in exports, had enabled the people to gain direct benefits from improved economic indicators.

 

“Enterprises that employ a total of about 10 million people have so far gained from the improving economy, and the broad uplift in economic activities has also benefited the Thai economy,” he said.

 

Meanwhile, the price of rubber has remained low in line with the market mechanism, Prayut said, adding that the increased use of synthetic rubber is a factor as its price has fallen as a result of the decline in global crude oil prices.

 

Among solutions to this problem is to have rubber fit domestic demand without resulting in oversupply, the Prime Minister said. The government was now promoting the use of domestic rubber in automobile tyre production and in plant expansion, he said.

 

Prayut was satisfied with the latest movements in the Manufacturing Production Index, which rose 4.2 per cent year on year in September, said Nattaporn Jatusripitak, an adviser to the Prime Minister’s Office.

This marked a third straight month of increases.

 

Last month, the index rose 4.2 per cent year on year.

 

The rises reflected the uplift in Thai economic growth, which has spurred production in the manufacturing sector, Nattaporn said. 

 

The Centre for Economic and Business Forecasting of the University of Thai Chamber of Commerce forecasts the country’s economy will grow by up to 3.8 per cent this year and by 4 per cent in year 2018, the centre’s director Thanawat Polvichai said yesterday. 

 

He cited the recovery in the global and domestic economies for the forecasts.

 

Thanawat said that purchasing power had also been rising. This will boost consumer spending for the rest of this year.

 

For the Loi Krathong festival on November 3, the centre estimates that spending nationwide could top Bt9.9 billion, up 3 per cent from last year.

 

According to a survey, some 92.9 per cent of respondents said they planned to take part in the festival, he said.

 

Source: http://www.nationmultimedia.com/detail/Economy/30330519

 

-- © Copyright The Nation 2017-11-01

In order to get a "Tax Deduction" you first have to pay tax I guess, which bars the majority of rural Thais from benefiting ?

Bearing in mind the increasing debt of Thais and the current low in agricultural prices, on what factors will increased spending be based ?  Or is this buying votes for next years election !!!  LOL

Thais need to learn how to save, not spend. 

Perhaps the sweetner could be getting rid of that self appointed ego maniac?

6 hours ago, eliotness said:

Bearing in mind the increasing debt of Thais and the current low in agricultural prices, on what factors will increased spending be based ?  Or is this buying votes for next years election !!!  LOL

Next year's election?

 

Let's hope that is indeed the case...

Prayut mulls sweeteners for year-end shopping stimulus

Well, I hope he is planning on mulling low calorie sweeteners.

 

1 hour ago, ratcatcher said:

Prayut mulls sweeteners for year-end shopping stimulus

Well, I hope he is planning on mulling low calorie sweeteners.

 

Is he going to give them a sweetener tax deduction on buying more sweetened beverage so he can collect more tax? 

 

The head hurts... :D

3 hours ago, thhMan said:

Perhaps the sweetner could be getting rid of that self appointed ego maniac?

The man-child is going nowhere.  He was installed by the elites to remain in power and protect their wealth and status, which is why the elites allowed him to purchase tanks and armoured vehicles should the people demand that he go.  They're terrified of losing their privileged status and will stop at nothing to prevent anyone threatening that.  

Just about every Thia I know lives in Debt land so a little more might do any harm so thinks the PM, keep on doing what you are doing and the crash will appear much quicker the signs are already here with tax hikes all around us.

He doesn't have time to mull on impending economic and political crisis, however, let's talk about spending money that we don't have.

 

Great work!

Edited November 1, 20178 yr by coulson
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14 hours ago, davehowden said:

In order to get a "Tax Deduction" you first have to pay tax I guess, which bars the majority of rural Thais from benefiting ?

A Bt15,000 tax deduction for the Bangkok silvertails and the filthy rich military RTP senior officers. Can just image these self serving military politicians running home and boasting to the missus/gfs/mia nois of the good news. They couldn't care less about the people who wouldn't know where their next meal was coming from. Visit them in the country every three or six months , kiss a few frogs and disappear into the sunset.

16 hours ago, webfact said:

Prayut mulls sweeteners

Mulling seems to have become a popular pastime for PM Prayut. The mull for a shopping sweetener for the Bangkok high life seem like it may be a goer, But the mull for the possibility of lifting the ban on political activity doesn't seem to be getting any traction. Much too pre-occupied mulling the shopping sweetener. Can't fart and chew gum at the same time!

46 minutes ago, Cadbury said:

A Bt15,000 tax deduction for the Bangkok silvertails and the filthy rich military RTP senior officers. Can just image these self serving military politicians running home and boasting to the missus/gfs/mia nois of the good news. 

I dont think that the " Bangkok silvertails and the filthy rich military RTP senior officers" care a hoot about a paltry 15000 baht savings in tax. Nor can i imagine " these self serving military politicians running home and boasting to the missus/gfs/mia nois of the good news" of having saved a huge amount of 15000 baht. They would be spending more on a evening wine and dinner.

Who would have thought that a general could be such an economic wiz.

 

 

Santa

You are very brave all of you to insult as such, the generals in power.......

 

some friendly advice guys, hope you keep your mouths shut in public in Thailand,  and do not rant against the officials as you do here on TVF.....be safe!

Edited November 1, 20178 yr by observer90210