Thailand to cut tariffs on branded products to boost tourism
Thailand to cut tariffs on branded products to boost tourism development
Thai Minister of Tourism and Sports Phiphat Ratchakitprakarn has said the ministry is pushing for cuts in tariffs on branded products to foster tourism sector – a key economic sector of the county.
Thai Minister of Tourism and Sports Phiphat Ratchakitprakarn (Source:)
Bangkok (VNA) – Thai Minister of Tourism and SportsPhiphat Ratchakitprakarn has said the ministry is pushingfor cuts in tariffs on branded products to foster tourism sector – a key economicsector of the country.
The ministersaid he would consult the Finance Ministry on whether it could cut tariffs,some as high as 40 percent, on brand-name products.
He said he does not want Thai people to go abroad for shopping brand-nameproducts, which results in money leaking out of the domestic economy.
If Thai travellers could buy brand-name products in domestic market atreasonable prices, then that money would be injected into the local economy, headded.
Moreover, foreign tourists who visit Thailand would spend more if they couldbuy brand-name products at cheaper prices than at present, the official noted.
Meanwhile, Lavaron Sangsnit, director-general at the Fiscal Policy Office ofthe Finance Ministry, said that there are several factors to take into accountbefore the government decides to cut taxes.
The averagetariff rate on luxury brands is about 30 percent, he said, adding the issue hadbeen discussed many times in the past, and Thai retailers also wanted thegovernment to cut tariff rates.
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Thai Minister of Tourism and Sports Phiphat Ratchakitprakarn (Source:) 
