Govt currently has no policy to reduce import tax for luxury goods: Finance Minister

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BANGKOK, Sept 29 – Thailand’s Deputy Prime Minister/Finance Minister on Sunday affirmed that the government has no forthcoming policy to reduce import tax for luxury goods to support Thailand becoming a shopping paradise.

Kittiratt Na-Ranong urged Thai entrepreneurs to adjust themselves and compete in the world’s markets and said other measures can be implemented to attract tourists to visit Thailand, such as trade fairs, visa on arrival, and longer and/or multiple-entry visa permission for tourists.

The Minister said the reduction of import tax for luxury goods has both advantages and disadvantages, while such reduction, if applied, should have clear reasons for it.

Import duties worldwide will in the future eventually be exempted, Mr Kittirat said. The government will protect domestic goods only as long as international trade frameworks allow.