Thai Commerce Ministry defends its latest economic stimulus package

[webfact]

Commerce Ministry defends its latest economic stimulus package

By THE NATION

 

 

The Commerce Ministry provided clarifications of its new economic stimulus scheme after it was criticised by property developer Srettha Thavisin and Kasikorn Research Centre.

 

The new scheme, “Shop Dee Mee Kuen” (Shop and Payback), proposed to run from October 23 to December 31 was given the green light by Cabinet on Monday.

 

Under the scheme, people who purchase specific products that include value-added tax (excluding alcohol, tobacco, hotel accommodation and flight tickets), OTOP goods or books will be given a tax discount.

 

Srettha, president of property giant Sansiri, said this stimulus package will not be of much help because people are not financially liquid enough to spend money to get the payback. He also said that this scheme is not addressing the main economic problems of the country.

 

The Kasikorn Research Centre, meanwhile, said the scheme is only a short-term measure and will only really benefit huge businesses, not small, independent ones.

 

The Commerce Ministry, however, said this latest payback scheme was designed along the lines of the previously launched “Kon La Khreung” (Let’s Go Halves) scheme and the move to boost the credit limit of state welfare cards.

 

It said that more than Bt192 billion is being spent on these schemes, and this money will begin circulating in the economy and should boost the gross domestic product (GDP) by 0.54 per cent. The ministry also insisted these schemes were created to support more than 28 million people nationwide.

 

The ministry also said “Shop Dee Mee Kuen” aims to support entrepreneurs in the tax system as well as people who pay personal income tax. The scheme will promote local products and urge people to read more.

 

Source: https://www.nationthailand.com/news/30396059

 

-- © Copyright The Nation Thailand 2020-10-12

 

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[webfact]

Thailand approves tax breaks to spur consumption

 

FILE PHOTO: People buy alcohol in a supermarket, after government lifted a ban on alcohol sale, that has been in place since April 10, during the coronavirus disease (COVID-19) outbreak in Bangkok, Thailand, May 3, 2020. REUTERS/Soe Zeya Tun

 

BANGKOK (Reuters) - Thailand's cabinet on Monday approved tax incentives to boost domestic consumption in a bid to revive an economy struggling from the impact of the coronavirus pandemic, the prime minister said.

 

The government will offer a tax deduction of up to 30,000 baht ($966) on purchases of goods and services from October to December, which is expected to inject 120 billion baht ($3.86 billion) into the economy, Prayuth Chan-ocha told a briefing.

 

Southeast Asia's second-largest economy could contract by a record 7.8% this year, with the key tourism industry taking a beating, the central bank predicts.

 

($1 = 31.06 baht)

 

(Reporting by Orathai Sriring and Satawasin Staporncharnchai; Editing by Martin Petty)

 

-- © Copyright Reuters 2020-10-12

 

- Whatever you're going through, the Samaritans are here for you

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[Surelynot]

55 minutes ago, webfact said:

The ministry also said “Shop Dee Mee Kuen” aims to support entrepreneurs in the tax system as well as people who pay personal income tax.

Definitely not for poor people.

[webfact]

Government offers personal income tax relief in last quarter to boost spending

By The Nation

 

Prime Minister Prayut Chan-o-cha, second right, seen during the announcement of Monday's Cabinet decisions.

 

The Cabinet on Monday gave the green light to a new stimulus package granting personal income tax deduction of up to Bt30,000 per person to help boost people's spending on goods and services, Prime Minister Prayut Chan-o-cha said.

 

The measure will run from October 23 until December 31 and apply for the 2020 tax year. Around 4 million people are expected to be eligible for this scheme.

 

The govenment has continued to launch stimulus packages to revive the economy suffering from the Covid-19 outbreak.

 

Deputy Prime Minister Supattanapong Punmeechaow said that the measures launched in the fourth quarter were estimated to spark a cash flow of Bt200 billion into the economic system.

 

Source: https://www.nationthailand.com/business/30396061

 

-- © Copyright The Nation Thailand 2020-10-12

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

[JoePai]

Ok so what are the goods and services one can claim on ?

[Tropicalevo]

17 minutes ago, webfact said:

Around 4 million people are expected to be eligible for this scheme.

There must be some restrictions then as I believe that more than 4 million people pay income tax.

(There are 13 tax payers in my small company - including me.)

[trainman34014]

4 Million out of 60 Million says it all....Cretins !

[ChipButty]

2 hours ago, Tropicalevo said:

There must be some restrictions then as I believe that more than 4 million people pay income tax.

(There are 13 tax payers in my small company - including me.)

Farang not included you should know that already

[sherwood]

Silly old clowns. 

Think of a number and multiply by a thousand, yep that should work!

[Tropicalevo]

40 minutes ago, ChipButty said:

Farang not included you should know that already

I usually receive a tax rebate every year or so.

 

16,xxx baht this year. More than usual. I assume because of Covid relief.

[connda]

5 hours ago, webfact said:

The scheme will promote local products and urge people to read more.

"Urge people to read more."  That's hilarious.  I wonder who their comedy writer is? 

[Surelynot]

1 minute ago, connda said:

"Urge people to read more."  That's hilarious.  I wonder who their comedy writer is? 

I think Jim Davidson does Anutin's gags.

[connda]

1 hour ago, trainman34014 said:

4 Million out of 60 Million says it all....Cretins !

"More money for the wealthiest.  More money for the wealthiest.  Nothing for you commoners who only pay VAT."
If they wanted a fair system that benefits all, then drop VAT. 

[HiSoLowSoNoSo]

She are more than welcome to hold my banana.

[Surelynot]

1 minute ago, HiSoLowSoNoSo said:

She are more than welcome to hold my banana.

 

[pkrv]

16 hours ago, webfact said:

Government offers personal income tax relief in last quarter to boost spending

By The Nation

 

Prime Minister Prayut Chan-o-cha, second right, seen during the announcement of Monday's Cabinet decisions.

 

The Cabinet on Monday gave the green light to a new stimulus package granting personal income tax deduction of up to Bt30,000 per person to help boost people's spending on goods and services, Prime Minister Prayut Chan-o-cha said.

 

The measure will run from October 23 until December 31 and apply for the 2020 tax year. Around 4 million people are expected to be eligible for this scheme.

 

The govenment has continued to launch stimulus packages to revive the economy suffering from the Covid-19 outbreak.

 

Deputy Prime Minister Supattanapong Punmeechaow said that the measures launched in the fourth quarter were estimated to spark a cash flow of Bt200 billion into the economic system.

 

Source: https://www.nationthailand.com/business/30396061

 

-- © Copyright The Nation Thailand 2020-10-12

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

No masks.

No distancing.

No clue...

[DPKANKAN]

15 hours ago, sherwood said:

Silly old clowns. 

Think of a number and multiply by a thousand, yep that should work!

Yep!!! Simple solution. Cut sales purchase tax %. Easy, everyone who buys saves and buying creates market cash flow for business.

Naaaah.... Forgot.... too simple!!!! ????????????????