Macroeconoics/economic measures

Chatrudee Theparat

The cabinet gives greenlight to New Year’s gift

The cabinet has approved New Year’s gifts to people including shopping measure, a reduction land tax and power bills.

Deputy government spokeswoman Rachada Dhnadirek

Deputy government spokeswoman Rachada Dhnadirek said the cabinet has approved "Shop Dee Mee Khuen" tax rebate scheme to stimulate people's spending power.

A tax rebate scheme allowing people to deduct up to 40,000 baht spent on certain goods and services.

"Shop dee mee khuen" project would run from January 1 to February 15, 2023 and would inject about 56 billion baht into the economy and raise GDP by 0.16%. The scheme, which applies to people's personal income tax, cannot be claimed by anyone who has already signed up for either.”

She said buyers must also purchase their items from registered businesses and retain all their receipts, as well as OTOP products.

The rebate would also exclude certain products and services, including alcoholic drinks, tobacco, fuel, travel costs, flight tickets, hotel accommodation plus newspapers, magazines and their electronic versions.

The cabinet also approved to reduce by 15% of land and building tax in 2023 and extension another one year to reduce the transfer fee from 2% to 0.01% and the mortgage fee from 1% to 0.01% in 2023.

The transfer of real estate which is a residential building categorized as a single house, a semi-detached house, a townhouse, a commercial building, or land with such a building.

The purchase price and the appraised price of real estate is not more than three million baht, the registration of the transfer and the mortgage is made at the same time, and the buyer is a Thai citizen.

The cabinet also approved to allocate 6.69 billion baht from the central budget of 2023 for providing electricity discounts
between October-December 2022 for households using not exceeding than 500 units per month.