Thailand to Scrap Luxury-Goods Tax to Lure China Travelers

on September 11 2013 | in Daily Headlines Trending | by | with 1 Comment

Thailand’s government said it will scrap import duties on luxury watches, clothes and cosmetics to help the country compete with Hong Kong and Singapore for wealthy travelers from markets including China.

The duty on some luxury goods will be cut to zero from 30 percent by the end of the year, Permanent Secretary for Finance Areepong Bhoocha-Oom told reporters in Chonburi province. Thailand’s SET Index jumped 3.6 percent, as Minor (MINT) International Pcl led gains among tourism-related stocks on optimism the tax reduction will boost travel demand.

The government expects tourist arrivals to surge 18 percent to 26.4 million this year, helping to counter a slump in exports and domestic consumption that may cause the economy to grow as little as 3.8 percent. Thailand’s tourism and services industries account for 50 percent of gross domestic product…


Read more at Bloomberg

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One Response to Thailand to Scrap Luxury-Goods Tax to Lure China Travelers

  1. Excellent news, not only for the tourism industry but also for people living in Thailand.
    Hopefully prices for luxury items will come in-line with overseas pricing levels; currently shopping for anything of quality in BKK is extortionate compared to Malaysia, Singapore, Hong Kong or even the west.
    So we’ll be seeing more top-end stores popping up in the shopping centers presumably? Will require the government to instill quite some confidence in the retailers to drive the growth.

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