Tax breaks promised for companies holding events in Thailand
Companies holding seminars or exhibitions in Thailand will get a fairly large corporate tax break, the government announced on Tuesday.
This measure was approved at the weekly Cabinet meeting on Tuesday in a bid to promote domestic tourism and consumption.
The tax break will be offered from July 15 until the end of the year, government spokesman Thanakorn Wangboonkongchana said.
Events held in Bangkok and provinces categorised as secondary tourism provinces by the Revenue Department will warrant a tax break of two times the cost of the event. Events held elsewhere in Thailand will get a tax break of 1.5 times the expense.
The government expects the measure to generate up to 2.2 billion baht in revenue for the local tourism industry.
The Cabinet also approved a reduction in the fee for registration, transfer and mortgage of land owned by farmers from 2 per cent to 1.01 per cent of the estimated price. This move is to help alleviate their financial burden.