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Thai cabinet introduces policies to boost tourism, trading short-term for long-term gains.

TraderKnows
TraderKnows
06-04

Tourism has always been one of Thailand's main sources of revenue. Recently, the Thai cabinet has introduced a series of new policies regarding the tourism industry.

The Deputy Minister of Finance of Thailand, Phapoom Rokanasek, recently detailed a series of tax measures approved by the Thai Cabinet on Tuesday aimed at boosting domestic tourism. He stated that these measures were carefully crafted in consideration of the current low season in the tourism industry to stimulate the domestic tourism market.

Deputy Minister Phapoom Rokanasek explained that these tax incentives are primarily for the period from May to November and include several aspects of incentive measures.

Firstly, for companies that organize various conferences and seminars during the off-season, the government will offer tax relief policies to encourage these businesses to choose Thailand as the venue for their events, thereby boosting related tourism activities.

Moreover, to attract more domestic tourists to visit secondary cities, the government has formulated a series of targeted tax measures. For example, allowing tourists to choose family accommodation or non-hotel lodging during their travels and offering personal income tax deductions for the associated lodging costs. This measure aims to reduce travel expenses for tourists while promoting the tourism development of secondary cities.

Thai Prime Minister Srettha Thavisin expressed strong support for these tax measures. He emphasized that although these measures might result in a short-term revenue loss of approximately 1.5 billion baht (around 41 million USD) for the government, he believes these policies will bring greater benefits to the long-term development of Thailand's tourism industry.

He explained that by stimulating the domestic tourism market, it can not only drive the recovery of related industries but also create more job opportunities and increase the overall vitality of Thailand's economy.

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