Cabinet Approves Tax Incentives and Other Measures to Stimulate the Economy

The Cabinet on 12 October approved a project to offer tax incentives in order to boost domestic consumption and stimulate the economy.

 

Under the project, tax payers will be granted personal income tax deductions of up to 30,000 baht per person on their purchases of goods and services, except alcoholic drinks, tobacco, oil and gas for vehicles, automobiles, motorcycles, boats, newspapers, and magazines.

 

The tax incentives will be effective from 23 October to 31 December 2020.

 

As for other measures, the Cabinet earlier approved a co-payment of 3,000 baht each to 10 million Thai citizens for a period of three months. In this project, known as the “Half-Half” scheme, the Government will subsidize half the cost of the people’s purchases for food and general products, excluding lottery tickets, alcoholic drinks, and tobacco.

 

The subsidy will be transferred to consumers’ electronic wallets. The public may register for the project from 16 October 2020 onwards, and the benefits can be used from 23 October to 31 December 2020.

 

The Cabinet had also approved the addition of an extra 1,500 baht to the monthly living allowance for 14 million citizens holding state welfare cards. Under this project, each welfare cardholder will receive 500 baht each month, from October to December 2020.

 

These measures under the three projects cover the target groups, comprising 28 million people. They will also boost cash flows and the people’s spending, generate income and employment, and help ease economic difficulties among the general public.

 

 

Source: The Government Public Relations Department