Cabinet continues ‘the more you shop the more you get’, co-payment stimulus schemes
The Thai cabinet endorsed the Finance Ministry’s plan to roll out the fourth phase of the popular 50:50 co-payment scheme today (Tuesday), from March until the end of April, according to Government Spokesman Thanakorn Wangboonkongchana.
He did not offer any details about the amount of money being earmarked for the scheme, but said that it will last for two months and will increase people’s purchasing power.
The third phase of the program is due to expire at the end of this month and the unspent amount is estimated at 10 billion baht.
The spokesman added that the cabinet also approved another round of “the more you shop the more you get” (Shop Dee Mee Kuen) scheme, to boost domestic consumption.
Under the scheme, consumers who purchase goods or services within the country, between January 1st and February 15th, will be eligible for a tax deduction equivalent to the amount spent, up to a maximum of 30,000 baht.
The purchase of liquor, beer, wine, tobacco, fuel for vehicles or boats, printed or electronic media, tour or guide services, hotel rooms, utility fees, telephone or internet fees or long-term service fees and non-life insurance fees are excluded from the scheme.
Thanakorn said that “the more you shop the more you get” scheme is expected to inject 42 billion baht into circulation, which will drive Thailand’s GDP up by an estimated 0.12% and encourage businesses operators to enter the tax system.