NEWS
NEW YEAR RESOLUTION: THAILAND CUT ALCOHOL TAX TO BOOST TOURISM
By Siulan Law Mathews DipWSET
2-1-2024
Credit: Siulan Law Mathews
Thailand's cabinet has approved a tax cut on alcoholic beverages and entertainment venues today in order to boost tourism.
Thailand’s Finance Secretary Lavaron Sangsnit said in a briefing that the initiative will see excise tax on wines to be reduced from 10 percent to 5 percent. And import tariffs on wines, currently stands at 54 to 60 percent of declared value, will be abolished.
At the same time, excise tax on local liquor to be reduced from 10 percent to zero to help local producers, while excise tax on entertainment venues will be halved from 10 percent to 5 percent.
Lavaron also said that these tax measures will expire at the end of this year, and tax revenue losses are expected to be offset by additional tourism receipts.
The announcement comes after Thai authorities in November extended opening hours for entertainment venues by two hours to 4am for night-time revellers and tourists.
Tourism is a key driver of Thailand’s economy. The government is targeting more than 34 million tourist arrivals in 2024.
Government data showed that Thailand has achieved its target of 28 million tourists in 2023, generating Baht 1.2 trillion (USD35 billion) of tourism revenue.
(the writer can be contacted at: info@thewinechronicle.com)
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