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Thailand Approves 50k baht Tax Refund Scheme to Stimulate Economic Growth
Individuals can claim a tax deduction of up to 50,000 baht for purchases made from businesses using the e-tax system from January 1 to February 15 next year
The Thai government has introduced a new tax refund program called “Easy E-Receipt” to promote domestic spending and the use of electronic invoices.
Key Takeaways
- The Thai government has introduced the “Easy E-Receipt” program to encourage domestic spending and the use of electronic invoices, offering tax deductions for purchases made through the e-tax system.
- The tax refund scheme aims to boost the economy and persuade businesses to adopt electronic invoicing, excluding expenditures on certain items such as alcoholic beverages, tobacco, vehicles, and specific utilities and services.
Individuals can claim a tax deduction of up to 50,000 baht for purchases made from businesses using the e-tax system from January 1 to February 15 next year. However, the rebate excludes certain items like alcoholic beverages, tobacco, vehicles, and some utilities.
The program aims to stimulate the economy and encourage businesses to adopt the e-tax system.
Thailand’s GDP growth for this year is projected to be 2.5%, down from the earlier projection of 3%, primarily due to a contraction in exports and reduced government sector consumption.
The government plans to boost annual growth to 5% by implementing a digital wallet program that would provide a one-time cash handout to millions of Thais.
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