Gov’t to Launch Rebate Scheme, More Stimulus Measures as ‘New Year Gifts’

The Thai government will launch a stimulus package in a bid to strengthen public consumption and economy in the new year.

The package includes a slew of stimulus campaigns that the government will roll out as "New Year's gifts" to Thais, according to Deputy Government Spokesperson Rachada Dhnadirek via a report by the National News Bureau of Thailand yesterday.

One of these measures is the Shop Dee Mee Khuen tax rebate program, where shoppers can receive income tax rebates on up to THB40,000 worth of purchases, granted that these purchases are made from Jan. 1-Feb. 15, 2023. Shoppers can either give paper or electronic invoices as proof.

However, certain purchases cannot qualify for the rebates beyond Feb. 15. These include alcohol, tobacco, automobiles, hotel accommodations, newspapers, electricity fees, internet services, boats, public utilities, and non-life insurance, among others.

Apart from this cash back scheme, the government also reduced the land and building tax by 15%, property transfer fees from 2% to 1%, and mortgage registration fees from 1% to 0.01% for 2023.

Dhnadirek likewise said the government has greenlit a proposal to slash the excise tax on jet fuel for domestic flights to THB0.2 per liter (from THB4.72 per liter) beginning Jan. 1-June 30, 2023.

License fees for dealers and vendors of alcohol, tobacco, and playing cards will also be removed for 2023.

Amid the announcement of these new campaigns, Revenue Department Director-General Lavaron Sangsnit, in a report by Bangkok Post yesterday, said the tax rebate scheme would cost THB6.2 billion in tax revenue. He added, however, that they expect 1.4 million Thais to participate in the scheme, which can bring in an added THB42 billion.