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Thailand To Attract Tourists By Scrapping Duty On Luxury Goods

by Mary Swire, Tax-News.com, Hong Kong

12 September 2013


The Ministry of Finance disclosed that, by the end of this year, it will cut Thailand's import duties on luxury goods to zero from 30 percent, in an effort to promote the country as a tourist "shopping paradise."

According to the Permanent Secretary for Finance, Areepong Bhoocha-Oom, luxury goods for which import duty will be scrapped will include brand-name perfumes and cosmetics, watches and clothes.

It has been pointed out that these products have been subject to the highest duties in Thailand, whereas such luxury taxes in Singapore and Hong Kong do not exist. The duty decrease should therefore, it is hoped, attract more wealthy foreign tourists, particularly from Mainland China, to Thailand and stimulate the domestic economy.

At the same time, the ministry has confirmed that it will consult with and try to assist Thai entrepreneurs affected by the zero luxury duty policy, especially those in the textile and fashion industries, so that they will be able to compete.

TAGS: Finance | tax | business | luxury tax | Thailand | travel and tourism | tax rates | import duty

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