Thailand’s cabinet has taken a significant step to boost tourism by approving tax cuts on alcoholic beverages and entertainment venues.
Here are the key points:
Tax Reductions:
Taxes on wine will be reduced from 10 % to 5%.
Taxes on spirits will be eliminated, previously standing at 10%
Excise tax on entertainment venues will be halved, going from 10% to 5%.
Duration:
These tax measures are set to expire at the end of this year.
Rationale:
The move aims to offset tax revenue losses by attracting more tourists.
Tourism is a crucial driver of Thailand’s economy, and in 2024, they are targeting over 34 million tourist arrivals.
This decision follows the extension of entertainment venue operating hours until 4 AM for the party animals and tourists.
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