Thailand Intends To Lower Import Tax On Luxury Goods

< p > it is reported that < a href= "//www.sjfzxm.com/news/index_p.asp > > Thailand < /a > the Ministry of Finance plans to cut down some import tax on luxury goods so as to make the country a regional shopping and consumption center and attract more foreign tourists.

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< p > reported that the Ministry of finance of Thailand plans to submit a proposal to the cabinet within one to two months, and proposes to reduce the import tax rate of some luxury goods from about 30% to 5%, or even completely exempt from it.

Perfume, watches and a href= "//www.sjfzxm.com/news/index_c.asp" > clothing < /a > may become the first tariff adjustment products.

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< p > this proposal has been welcomed by Thailand tourism practitioners and importers.

Peng Di, vice president of Thailand Tourism Association, said shopping and consumption is an important part of tourism, especially for tourists from China, India, Korea and Japan.

The decrease in import tax on luxury goods is good news for Thailand's tourism industry and will become a new attraction for Thailand tourism.

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< p > Ministry of finance sources said, "a href=" //www.sjfzxm.com/news/index_c.asp "> luxury goods < /a > tariff reduction will cause the Thailand government to lose about 100 million baht (19 million 50 thousand yuan) tax, but this will be offset by the increase in foreign tourists' revenue.

In addition, because some Thai people also prefer luxury goods, the policy is expected to effectively stimulate domestic consumption in Thailand.

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< p > however, some local manufacturers in Thailand strongly oppose the tariff reduction of imported goods.

They worry that the entry of foreign luxury goods into Thailand market with low tariffs will bring severe impact on Thailand's local brands, especially clothing and cosmetics brands, and even expose them to risks of closure.

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< p > for this, Thailand's vice minister of finance, Ben Jia, said the luxury tariff reduction would be selective to avoid hitting local manufacturers of similar products in Thailand.

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