The cabinet on Tuesday approved tax rebates for shoppers and cut land and building tax as well as property transaction fees, describing it as a combined New Year gift for the people and economic stimulus.
Deputy government spokeswoman Rachada Dhnadirek said shoppers would be able to claim income tax rebates on up to 40,000 baht of purchases between Jan 1 and Feb 15 next year, backed by paper or e-invoices. For the final 10,000 baht, shoppers must have electronic invoices.
This was expected to put an extra 56 billion baht into circulation, boosting the national economy and promoting the use of electronic tax invoices, she said.
Excluded from the tax rebates will be purchases of liquor, beer, wine, tobacco, cars, motorcycles, boats, newspapers, magazines, tour guide fees, hotel accommodation, public utilities, tap water, electricity, phone and internet services, long-term service fees ordered outside the Jan 1-Feb 15, 2023 period and non-life insurance.
The cabinet also reduced land and building tax in 2023 by 15%, cut property transfer fees from 2% to 1% and decreased mortgage registration fees from 1% to 0.01% next year.
The reduction in property transfer and property pledge registration fees, for example as collateral for loans, will be for assessed property values of no more than 3 million baht each and pledges of no more than 3 million baht each.
In addition, the cabinet cut excise tax on jet fuel for domestic flights from 4.726 baht to 0.20 baht per litre from Jan 1 to June 30, 2023, to promote tourism, Ms Rachada said.
In addition, licence fees for vendors of liquor, tobacco and playing cards will be waived for existing sellers, who will have their licences extended for next year, to support the recovery of their business.
There were also broad incentives for customers of the Bank for Agriculture and Agricultural Cooperatives, Government Savings Bank, Thai Credit Guarantee Corporation, Small and Medium Enterprise Development Bank, the Student Loan Fund, Islamic Bank Asset Management Co, the Securities and Exchange Commission, the Labour Ministry, the Office of the Insurance Commission and the Tobacco Authority of Thailand.
Details should be available from the respective banks.
