By Thai Newsroom Reporters
DOMESTIC CONSUMPTION will likely grow due to anticipated shopping sprees by well-to-do people, given a tax refund campaign during an early part of next year, confirmed Deputy Finance Minister Julapun Amornvivat today (Nov.27).
Given the “easy e-receipt” campaign, earlier called the “e-refund” campaign, all Thai nationals aged 16 and over who may currently earn a minimum of 70,000 baht in monthly income or have a minimum of 500,000 baht in bank account can shop a maximum of 50,000 baht in market value of merchandise in the boundaries of their home district and be entitled to a maximum of 10,000 baht in refund of their personal income tax, Julapun said.
The “easy e-receipt’ campaign scheduled to be effective from January 1 until February 15 is primarily designed to have those well-to-do consumers take part in stimulating domestic consumption on a short-term basis, according to the deputy finance minister.
However, those well-to-do Thais will not be entitled to a much-heralded digital wallet campaign scheduled to be effective for a six-month period beginning in May with a sum of 500 billion baht in funding from the Pheu Thai-led government.
The well-to-do would not help much with the digital wallet campaign, thus being instead provided with the tax-refund campaign which could as well promote domestic consumption and boost the national economy, Julapun commented.
Meanwhile, legislation to borrow the total of 500 billion baht in loan to finance the populist handout project is yet to be filed in parliament for approval.
An estimated 50 million Thais who are aged 16 years or over and may currently earn less than 70,000 baht in monthly income or have less than 500,000 baht in bank account will be entitled to the 10,000-baht digital wallet campaign but be barred from the 10,000-baht tax refund campaign.
CAPTIONS:
Top: A representative image of shopping to claim tax refund by the well-to-do.
Front Page: Deputy Finance Minister Julapun Amornvivat. Both photos: Matichon
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