Posted on 09/10/2013 8:06:11 PM PDT by TexGrill
Thailand is on its way to becoming a shopping mecca like Hong Kong and Singapore, as the Cabinet is expected to cut import duties on designer goods in a couple months.
"The government has a policy for Thailand to be a shopping paradise so it will reduce the tax on luxury imports to a competitive level with other countries like Singapore and Hong Kong, which have zero tariff on luxury goods like perfumes and cosmetics," Areepong Bhoocha-oom, permanent secretary at the Finance Ministry, said yesterday.
Lower customs taxes on luxury goods, which local shopping-mall operators have been waiting for years, could draw more foreign visitors and spur domestic spending.
The ministry's move comes as the economy braces for low exports and declining domestic spending. Also likely to hurt this year's growth are possible military strikes on Syria, which could push up oil prices and further dampen domestic spending. With delayed government projects, the tourism industry, expecting 26.2 million foreign arrivals this year, is now the only promising economic engine.
"But Thailand still subjects such goods to 30-per-cent duties. If tourists come to Thailand and can purchase all they want here, it would boost spending per tourist," he said.
From October-March, luxury merchandise imports surged 24 per cent on year to US$1.68 billion or Bt51 billion. The top three product categories were fruits (Bt10 billion), perfumes and cosmetics, and watches and accessories.
The proposed reduction in import duties, initially on some items like cosmetics, perfumes and watches, would be submitted for Cabinet approval in one to two months so that it would be effective this year, he said.
(Excerpt) Read more at nationmultimedia.com ...
I thought everything was dirt cheap in Thailand. Supposedly Thailand is the one place where “anything you want, you can buy it, and cheap”
One night in Bangkok and the world’s your oyster.
“I thought everything was dirt cheap in Thailand. Supposedly Thailand is the one place where “anything you want, you can buy it, and cheap””
The reality is if you live as the Thais do it is dirt cheap. But if you expect to consume as you do in US it will be the same or maybe little more. Thais don’t eat cheeseburgers, and baskin robbins nor have Air conditioning and hot water heaters for most part so any products imported for delight of westerners will have western prices because they are intended market. Stick to local food, beer/liquor and book room to Thai standard (there is hotel across street from me advertising about 5.16 USD per day) your stay will be very economical.
Thailand?
*snicker*.... he said doody
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