Tuesday, August 04, 2020

Shopping tax allowance to cover three groups of products: Finance Minister

Nov 28. 2018
Finance Minister Apisak Tantivorawong
Finance Minister Apisak Tantivorawong
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By The Nation

The tax allowance for shopping will cover three groups of products, and the maximum purchase amount eligible for the allowance is capped at Bt15,000, Finance Minister Apisak Tantivorawong has announced.

Speaking last night, he said the allowance would cover tyres made in Thailand, as the government wants to help rubber farmers who have suffered from low prices for latex and rubber sheets. Tyre manufacturers must use local rubber as the raw materials, he said. The second group is community-based products, known as OTOP, and here too the government wants to help small local producers by encouraging shoppers to buy local products as gifts for friends and relatives during the New Year season. The third group covers books, e-books and related printing products with the aim of promoting reading.

Shoppers have to make purchases between December 15 and January 15.

Those who buy products this year will be eligible for a tax allowance when they file personal income tax returns next year, but those buy products early next year will be eligible for tax allowance in 2020.

More details will be available after the Finance Ministry submits its proposal on tax allowances for shopping to the Cabinet for approval on December 4, he said.

This year’s shopping tax allowance is different from that of previous years as the government is satisfied with the increase in consumer spending and thus limiting the range of products covered by the arrangement.

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