Thailand is a recognized tourist powerhouse. According to Thailand Business News, a report on the 4th revealed that more than 28 million foreign tourists visited Thailand in 2023.
Much like the old saying “row when the tide comes in,” the Thai government is gearing up to boost tourism in the New Year. To achieve this goal, they have lowered taxes for alcohol and entertainment establishments.
The Economic Times reported that Thailand officially approved tax reductions for alcohol and entertainment businesses on the 2nd. Chai Wacharonke, a spokesperson for the Thai government, stated, “This decision aims to breathe new life into the tourism industry,” and added, “The tax cuts for alcohol and entertainment businesses will remain in effect until the end of the current year.”
Thailand has implemented several tax adjustments to attract more tourists, including reducing wine taxes from 10% to 5% and completely eliminating the 10% tax on spirits. Additionally, the country intends to reduce the consumption tax applied to entertainment businesses by half compared to previous rates. These tax cuts are part of Thailand’s broader strategy to boost tourism, alongside the visa exemption introduced for Indian and Taiwanese tourists in November of the previous year.
The tourism sector in Southeast Asia holds the distinction of being the second-largest economic driver in the region. The previous year, Thailand successfully met its target of welcoming 28 million tourists, resulting in a substantial revenue of approximately USD 38.31 billion. The Thai government has now set an even more ambitious goal: “Our objective for this year is to attract over 34 million tourists, surpassing last year’s figures.”
By. Seo Yeon Jeong
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