Economy-stimulating measures with debit cards set for Chinese New Year

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Economy-stimulating measures with debit cards set for Chinese New Year

supawadee wangsri

 

 

BANGKOK, 30 November 2018 (NNT) - The Ministry of Finance will launch measures to stimulate the economy through debit card users during the upcoming Chinese New Year. 

Finance Minister Aphisak Tantiworawong said the agency plans to introduce a five-percent value-added tax (VAT) refund for all shoppers during the Chinese New Year. 

The government will give shoppers the five-percent VAT refund when they purchase goods from February 1 to February 15, 2018. The current VAT rate is seven percent. 

To enjoy the tax break, shoppers have to use debit cards to buy items and the tax refund will be sent back to them via their “PromtPay” accounts, he said. 

Initially, the Ministry of Finance projected that the latest scheme would cost about six to seven billion baht. 

Shop owners have to have an electronic data capture (EDC) machine to read the debit cards. 

The government also plans to promote the e-payment system as well as encourage all people to get under the tax system, he said. 

The maximum purchasing amount to be eligible for a VAT refund is 20,000 baht per shopper and there will be a maximum refund worth 1,000 baht. 

All goods are covered except alcoholic drinks. The eligible tax allowance purchasing amount is capped at 15,000 baht for each shopper. The allowance covers tyres, OTOP items and books.

 

 

-- nnt 2018-12-01

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