Starting in 2024, the Thai Cabinet has approved measures recommended by the Ministry of Finance to promote Thailand as a tourism destination. The aim is to increase revenue from foreign tourists to 1.5 trillion baht.
As part of these measures, taxes on wine and community spirits will be lowered, making them more affordable. Additionally, the tax rate on entertainment or entertainment businesses will be reduced from 10 percent of revenue to 5 percent for a one-year term, ending on December 31, 2024.
These tax reductions are expected to encourage higher spending by both international tourists and Thai people at all levels, ultimately increasing the share of high-quality tourists in the long run.
Ekniti Nitithanprapas, the director-general of Thailand’s Ministry of Finance, mentioned that the new tax structure will make wine priced under 1,000 baht cheaper, while wine priced above 1,000 baht will have a similar price. As an example, he explained that previously, a wine worth 10,000 baht would have incurred a tax of 1,000 baht. However, under the new policy, the tax will be reduced to 600 baht.
READ MORE STORIES: http://pattayaone.news