BANGKOK (NNT) – Thailand’s Customs Department is preparing to reduce the duty charged on the import of alcoholic beverages and cigars by 50% for five years, in line with the government’s economic stimulus and investment promotion package.
Customs Department Director-General Patchara Anuntasilpa said the cuts are in accordance with the Cabinet resolution involving plans to revive the post-COVID-19 economy by encouraging wealthy foreigners and highly skilled professionals to stay and work in the country. The group is expected to spend on average 1 million baht per person per year while staying and working here.
He said about 30% of products are likely to be covered by the planned cuts and ministerial regulations will be announced after the changes are made.
The scheme is hoped to draw more than a million qualified people to Thailand over the next five years and generate about a trillion baht over the period.