Kittiratt: Taxes on luxury items will not be reduced

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BANGKOK, 29 September 2013  – Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong has said that the government will not reduce taxes for luxury items as earlier announced by the government as a plan to promote Thailand as a ‘Shopping Paradise’.

Earlier this week, Finance Ministry permanent secretary Ariphong Phucha-um said the prime minister had told the Finance Ministry to quickly sum up its plan to stimulate tourism, especially the “Shopping Paradise” scheme. However, the Finance Minister said on Sunday the Shopping Paradise plan would be put on the back burner.

Mr Kittiratt said entrepreneurs should adjust themselves to be able to compete in the global arena.According to him, there is no plan at the moment to reduce taxes on luxury items to make Thailand a ‘Shopping Paradise’, explaining that the government’s Visa on Arrival scheme has already been promulgated to draw in foreign visitors.

The Finance Minister elaborated that the tax reduction in luxury goods had both pros and cons, adding that to implement it, the government must consider opinions from all sides.