Fiscal plan: A truck moves containers at the port of Bangkok. Thailand is betting on an expansive fiscal policy to cushion the blow from the virus outbreak that’s devastated its tourism and exports. — Reuters
BANGKOK: Thailand will extend tax incentives to millions of its middle and upper income groups to fire up consumption and counter the nation’s worst economic slump triggered by the coronavirus pandemic.
The concession would allow about 3.7 million taxpayers to deduct 30,000 baht (US$96) each from their total taxable income and would cost the government 11 billion baht, Deputy Prime Minister Supattanapong Punmeechaow told reporters in Bangkok. The proposal, approved by the Centre for Economic Situation Administration headed by Prime Minister Prayuth Chan-Ocha, would now be put for cabinet approval on Monday, he said.
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