Thai Govt Unveils Tax Measures to Boost Tourism

[webfact]

 

The Thai government has introduced new tax measures to invigorate the tourism sector during the low season. The Deputy Finance Minister, Paopoom Rojanasakul, confirmed today that these incentives will run from May to November, aiming to stimulate domestic travel and improve the economy.

 

The initiatives include tax deductions for companies hosting conventions and seminars, encouraging more business-related travel within the country.

 

Additionally, income tax deductions will be offered for expenses incurred on accommodations such as homestays and non-hotel stays, particularly in secondary cities. This move is designed to spread the economic benefits of tourism across less-visited areas.

 

Prime Minister Srettha Thavisin admitted that these measures would result in a revenue loss of 1.5 billion baht (approximately £35 million). However, he asserted that the long-term benefits to the economy would outweigh the initial cost, stating, "The benefits will be greater."

 

Tourism and Sports Minister Sermsak Pongpanich acknowledged that Thailand's infrastructure and services still have shortcomings. He pointed out that many destinations lack the development required to meet growing demand, despite the government's ongoing efforts to improve the nation's tourism standing over the next four years. "Thailand still has weaknesses in infrastructure and services," he admitted.

 

In a related positive development for the tourism sector, Thailand is set to host the filming of "Jurassic World 4," the latest in the popular Jurassic Park series. The Department of Tourism's Director General, Jaturon Phakdeewanit, announced that filming will take place from June 4 to mid-July in various locations, including Bangkok, Krabi, Trang, Phang Nga, Phuket, and Chiang Mai. 

 

The film's production is expected to inject approximately 650 million baht into the local economy, benefiting sectors such as equipment rental, accommodations, venue hire, transportation, and catering.

 

Moreover, the production team will capitalise on the Thai government’s incentive program, which offers a 20% rebate for international films spending over 100 million baht in the country. This incentive aims to attract significant film projects, further boosting the economy.

 

These efforts highlight the government's commitment to revitalising tourism and spreading its benefits across the nation.

 

Picture courtesy: Facebook civil engineering

 

-- 2024-06-05

 

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[brianthainess]

1 hour ago, webfact said:

Additionally, income tax deductions will be offered for expenses incurred on accommodations such as homestays and non-hotel stays, particularly in secondary cities. This move is designed to spread the economic benefits of tourism across less-visited areas.

 

Prime Minister Srettha Thavisin admitted that these measures would result in a revenue loss of 1.5 billion baht (approximately £35 million). However, he asserted that the long-term benefits to the economy would outweigh the initial cost, stating, "The benefits will be greater."

I thought these expenses were already tax deductible. Losing 1.5 billion baht I would have thought that was the last thing Thailand needs at the moment. Long term benefits is not what is needed right now. This PM seems to know naff all about finances.

[Jenkins9039]

https://www.thephuketnews.com/new-overseas-income-rules-92533.php

[Peabody]

3 hours ago, webfact said:

confirmed today that these incentives will run from May to November

Missed it by THAAAT much!

[bob smith]

To tax or not to tax!

 

that is the question.

 

bob.

[TroubleandGrumpy]

I doubt the Thai hotel owners will take the tax cuts and lower their prices back to a reasonable level. 

That is one of the many problems - Hotels in Thailand upped their prices and they are not dropping them down enough.

[ikke1959]

Same with alcohol taxes. They have been cut but nobody pays less. Would this be different?

[hotchilli]

Desperation again.

[TheFishman1]

Yeah, they said they’re gonna reduce the tax on items but so far I haven’t seen it TIT

[Almer]

3 hours ago, TroubleandGrumpy said:

I doubt the Thai hotel owners will take the tax cuts and lower their prices back to a reasonable level. 

That is one of the many problems - Hotels in Thailand upped their prices and they are not dropping them down enough.

Quick people are coming double the prices,. 

[Peterphuket]

5 hours ago, TheFishman1 said:

Yeah, they said they’re gonna reduce the tax on items but so far I haven’t seen it TIT

They 'Poot Maak'

[cdnvic]

6 hours ago, Peterphuket said:

They 'Poot Maak'

"Talk a lot" for those asking.

[john donson]

play santa claus with other people's money and grab a few handfuls for themselves, no doubt