Bangkok – The Thai government intends to use its five percent rebate on Value Added Tax to promote the use of electronic payment systems and will be opening a new registration period for Prompt Pay on January 7, 2019 so that rebates can be received within November 2019.
Ministry of Finance Spokesperson Laworn Saengsanit explained that the rebate will be applicable to goods bought between February 1 and 15 next year, the Chinese New Year celebration period. Those wishing to receive a rebate of up to five percent of their VAT payment will have to apply for a Prompt Pay account from January 7, 2019. Applications can be made via the Prompt Pay website or at any bank branch.
Users must make their purchases using a Thai issued debit card and the measure only applies to goods marked for the program and that do not include excise taxes such as alcoholic beverages and tobacco. The measure returns five percent of the seven percent VAT payment to buyers up to a maximum 1,000 baht per individual.
Rebates will be made via Prompt Pay by November 2019. Over 39 million people are expected to benefit from the program, which was designed to encourage the use of the national E-payment system.