While details of the tax reduction were not given, the measure is expected to drive the country’s year-on-year economic growth in the current quarter above 4 per cent, the source said. This in turn will help drive full-year growth to 3.9 per cent, he added. Details will be announced after the Cabinet gives the green light to the measure, Finance Minister Apisak Tantivorawong said. Last year, the government offered Thai consumers a tax refund of up to Bt15,000 on their shopping expenditure, depending on their income-tax rate, in order to stimulate spending in the run-up to the end of the year. The incentive did not apply, however, to purchases of alcoholic beverages, cars, motorcycles, boats or fuel.

Source: The Nation Bangkok November 06, 2017 12:33 UTC