Thailand to set up tax refund offices at shopping areas
The Finance Ministry of Thailand has agreed with the Tourism and Sports Ministry’s proposal to set up more VAT refund offices in shopping centres to encourage foreign tourists to buy more local products, the Thai media reported on December 11.
Siam Paragon, Thailand's third largest shopping mall located in Bangkok, Thailand. (Photo: Internet)
Hanoi (VNA) – The FinanceMinistry of Thailand has agreed with the Tourism and Sports Ministry’s proposalto set up more VAT refund offices in shopping centres to encourage foreign touriststo buy more local products, the Thai media reported on December 11.
The proposal, initiated by the newminister, Weerasak Kowsurat, looks to make it easier for foreign tourists toget tax refunds and boost the country’s economy. The two ministries arediscussing establishing a committee to work with the private sector on theissue.
VAT refund offices are currentlylocated at all eight international airports across Thailand. Foreign visitorshave to go through a process supervised by immigration officers on departure toacquire their tax refunds. If the VAT refund offices were available at touristspots and shopping centres, the foreign visitors would be more likely to spendtheir refunds on more local products and street food.
Meanwhile, the Tourism Authority ofThailand has proposed a tax deduction for travel expenses to encourage morepeople to travel and boost the rural economy. The tax incentives for travellerswould allow each taxpayer to reduce the value of travel expenses by up to 15,000baht per person. The initiative will be applied to secondary provincesreceiving no more than four million local and foreign tourists a year.
Revenue from tourism in Thailand ispredicted to grow by 8 percent this year to 75.43 billion USD, higher than theannual average of 3-5 percent over the past several years. The government ofThailand targets a 10 percent growth to get a turnover of 90.5 billion USD in2018.-VNA
The Office of the National Economic and Social Development Board (NESDB) has forecast that Thailand's 2017 economy will expand by 3.9 percent and will continue its growth momentum into next year.
Thailand’s exports rose 13.1 percent from a year earlier to 20.1 billion USD in October 2017, recording the eighth straight month of increase, according to the Ministry of Commerce.
An adviser to the Thai Jet Sports Boating Association under Royal Patronage has announced that Thailand will be hosting the Jet Ski World Cup in Pattaya on December 7-10.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Siam Paragon, Thailand's third largest shopping mall located in Bangkok, Thailand. (Photo: Internet)
