Thailand eying more luxury shoppers with import duty cut
Saturday, 11 Jan, 2016
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The Thailand customs department plans to cut the 30% import duty on luxury goods in an effort to increase tourism spending in the country.
We hope this measure will help to lift tourist spending on shopping by 15-20%," said Yuthasak Supasorn, governor of the Tourism Authority of Thailand (TAT).
The move comes after continued lobbying by the private sector to market Thailand as a tourist shopping destination and encouraging Thais to shop at home for luxury goods.
The department will discuss a tariff reduction with private sector stakeholders this month, said its director-general Kulit Sombatsiri, who has vowed any change would not hurt domestic manufacturers.
Kulit said there could also be an increase in the number of duty free shops and collection centres for duty-free items.
Any change in tariffs will likely benefit the China, Hong Kong and Singapore markets, and may also encourage more shoppers from countries like Indonesia who are big spenders in Singapore.
"If our import tax on luxury products in Thailand is not different from Hong Kong and Singapore, Thailand will become a shopping paradise and our tourism will take the lead since the cost of living is lower," said Phaibul Kanokvatanawan, chief executive of Thai retailer The Mall Group.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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