The Finance Ministry were happy to announce that this year’s tax breaks per shopper will double to 30,000 THB. The idea is that this tax break will spur a shopping spree throughout the country, and why not, when the savings are guaranteed?!
Last year, around the new year period, there were 15 days for shoppers to take advantage of tax breaks worth up to 15,000 baht. This directly resulted in a jump in GDP and the hope is that the effect will double this year!
This year, if your income tax rate is 20%, you’ll be entitled to a saving of 6,000 THB if you spend 30,000 TBH during the festive tax break period. It’s not been confirmed as to when this will be exactly, but rumours suggest the period will be the duration of December, allowing 31 days of tax breaks.
The festive tax breaks are predicted to only have a marginal affect on tax revenue as the Finance Ministry pulled in 10 billion TBH ore than expected for October. So feel free to shop guilt-free. Happy shopping!