Plan to rejuvenate the Easy E-Receipt tax initiative, aimed at increasing consumer spending
In the wake of a new government taking office, several prominent Thai organisations have come forward with proposals to stimulate the economy and support businesses.
The Federation of Thai Industries (FTI) has emphasised the urgency of expedited support for small businesses within the supply chain, encouraging larger companies to offer assistance where possible. Meanwhile, the FETCO is preparing to submit a letter requesting a meeting with Ekniti Nitithanprapas, the incoming Finance Minister and Deputy Prime Minister, to discuss ways to stimulate the economy and the Thai capital market.
The Thai Chamber of Commerce has suggested several measures to stimulate the economy. One proposal is to reduce taxes on land and property by at least 50% until the economy recovers. Additionally, they plan to propose a 1,500 baht monthly spending allowance from October to November 2025.
In a broader economic stimulus plan, the Chamber of Commerce is also proposing a 100,000 baht budget for all product categories from November to December 2025 under the Easy E-Receipt Phase 2. This measure is intended to boost consumption and help businesses.
The government is considering reviving the Easy E-Receipt tax measure as a quick-win policy to stimulate consumption, following the success of similar projects implemented by the Ministry of Finance in the past. To further alleviate the cost of living for citizens, the government has announced a reduction of electricity prices by 4 satang per unit.
FETCO has also proposed several measures to attract foreign investment and stimulate the Thai capital markets. They urge the government to increase the budget and personnel of the Board of Investment (BOI) at least threefold, and to focus on the development of the Western Port, particularly the Ranong Port, as a key hub for shipping goods to India.
Moreover, FETCO suggests increasing the budget for the Tourism Authority of Thailand (TAT) to attract more tourists, particularly from China, India, the Middle East, and Europe. They also plan to propose the extension of the Long-Term Equity Fund (SSF) that will mature in 2025.
The government's economic team, during a meeting with the FTI, has focused on supporting both the public and businesses, especially small businesses concerned about the next three months. The team is scheduled to hold weekly meetings to address short-term issues, particularly concerning the influx of foreign products flooding the market.
With a limited time to govern, the new government is under pressure to deliver effective economic policies. The FETCO's requests, along with those of the Thai Chamber of Commerce, provide a roadmap for the government to stimulate the economy and support businesses during these challenging times.
Read also:
- The Cost of Speech is Zero, True Strength Lies in Unity
- Beginning a Food Truck Venture: Crucial Stages to Achieve Profitability
- Aiming to simplify the move towards cleaner automobiles, the newly established ministry plans to take direct action with Pannier-Runacher, Létard, and Vautrin at the helm.
- "The imperfect yet essential documentary, "Planet of the Humans," raises challenging and uncomfortable inquiries"
