BANGKOK — Shopping to save the nation returns for another year this holiday season and may be extended to a full month, the Finance Ministry announced Thursday.
For the third year running, the military government will issue a “New Year’s gift to the people,” expected this time to take the form of a tax deduction first issued last year. The interim cabinet is expected to approve the plan officials hope will get people in a spending mood and raise tax revenues, a deputy finance Minister said.
“Without this policy, there may be less spending,” Wisut Srisuphan said.
For 2015, the military government offered tax rebates for goods and services costing up to 15,000 baht purchased in the last week of the year. For 2016, they have signaled it could be extended to 15 days or possibly a full month.
The ministry has already approved a suspension of import duties on cosmetics to stimulate spending. That’s expected to be in effect February and March, according to Somchai Sujjapongse, permanent secretary of finance.
Somchai said he hoped the policy will help push the year’s weak economic growth in the last fiscal quarter.