Thailand Aims to Restore Pre-Pandemic Tourism Levels by 2024 and Streamlines VAT Refund Process

• Thailand aims to reach pre-pandemic tourism levels by 2024
• The country welcomed nearly 40 million overseas visitors in 2019, contributing 12% to GDP
• The Fiscal Policy Office predicts a recovery to approximately half that number this year, with a return to 90% of 2019 levels in 2024
• The Finance Ministry is proposing the cancellation of duty-free shops for arrivals, encouraging spending within the country
• The removal of duty-free shops aims to support domestic stores and stimulate domestic spending among locals and tourists
• The Finance Ministry is considering reducing beverage tax on imported and local wines, spirits, and beers, and relaxing opening hours at night entertainment venues in major tourist districts
• These measures aim to boost tourism and domestic spending, increase income, and generate jobs in tourism-related businesses
• The Revenue Department has revamped the VAT refund process for tourists, increasing the threshold for goods to be shown to customs officials from 5,000 baht to 20,000 baht
• This adjustment should reduce the number of tourists needing to show their goods and cut down queues for customs declaration.

Source: thethaiger.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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