New economic stimulus package to seek cabinet approval next month

[webfact]

New economic stimulus package to seek cabinet approval next month

By THE NATION

 

Minister Uttama Savanayana

 

The Finance Ministry will propose a new economic stimulus package to the cabinet in mid-March, hoping it will immediately catapult the momentum to boost the economy in April, Minister Uttama Savanayana said Monday, February 17.

 

The package will cover tourism, consumption and investment, he added.

 

The tourism measure is aimed at stimulating domestic travel, which is suffering from the novel coronavirus outbreak.

 

The measure to boost consumption will be phase 4 of the “Eat, Shop, Spend” campaign.

 

Uttama said he has asked state agencies to prepare a procurement budget in advance, so that they can spend once the 2020 fiscal budget is disbursed.

 

The economy grew by 2.4 per cent in 2019, lower than the previous estimate of 2.6 per cent, the National Economic and Social Development Council said on Monday (February 17).

 

Source: https://www.nationthailand.com/business/30382295

 

-- © Copyright The Nation Thailand 2020-02-18

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[webfact]

Gov’t to introduce major tourism sector packages in March

   

BANGKOK(NNT) - The government is to introduc major measures to help the tourism sector and the economy affected by the COVID-19 virus situation.

 

Deputy Prime Minister Somkid Jatusripitak announced today that the government will be issuing additional tourism and economic promotional measures to help those affected by the spread of the COVID-19 virus.

 

The measures will include tax breaks; domestic tourism promotions; financial assistance to affected hotels, tour agencies, and related service businesses; and an expenses reduction campaign for affected employees.

 

The Minister of Finance Uttama Savanayana said today he will be instructing the Bank of Thailand and the Thai Bankers’ Association to take care of the financial status of affected companies by offering special services such as loan payback extensions, soft loans or low-interest loan offers, as well as developing tax measures, to encourage employers to continue employing their staff without laying anyone off.

 

He said the expenses cutting measure will be made through phase 4 of the Chim Shop Chai campaign to encourage general spending for consumption, while a domestic tourism promotion campaign will come out as a campaign, allowing those 60 years old or older to refer their travel expense receipts to their children, who can claim the expenses as tax discounts.

 

The DPM has asked all sectors to reach conclusions on these measures in March, to be further proposed to the Cabinet for approval in time for the measures to take effect in April. He said these short-term measures are all compliant with fiscal discipline.

 

-- © Copyright NNT 2020-02-18

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[sammieuk1]

Bye bye tourism hello corona wasteland we thought about the strength of the Baht but decided we would lose to much???? 

 

[nobodysfriend]

3 hours ago, webfact said:

hoping it will immediately catapult the momentum to boost the economy in April

Just keep on dreamin' ...

[Peterw42]

So they are going to print more money, what could go wrong, lol

[RichardColeman]

3 hours ago, webfact said:

The package will cover tourism, consumption and investment, he added.

Is that like a 7/11 promotion to invest in a soggy hot dog to eat on the tourist bus ? 

[steven100]

7 minutes ago, RichardColeman said:

Is that like a 7/11 promotion to invest in a soggy hot dog to eat on the tourist bus ? 

they're not soggy because they've been sitting so long the bread goes hard and supports the sausage and the tourist bus is a clapped out piece of junk where everything is broken such as arm rests, recliner lever and air-con controls, but hey the cd player works so lets turn up the volume. 

[graemeaylward]

8 hours ago, webfact said:

while a domestic tourism promotion campaign will come out as a campaign, allowing those 60 years old or older to refer their travel expense receipts to their children, who can claim the expenses as tax discounts.

All this assumes that those over 60 have children who (a) are employed, (b) earn enough to pay tax, and (c) declare their income to the Income Tax department!  This is of absolutely no use to the majority of pensioners in rural areas, whose children earn under the basic wage as labourers paid cash in hand. It also assumes that older people have money to travel, which the majority do not on their 600-1000 baht per month pension!  

[whiteman]

Eat, Shop, Spend           S  R   E   A   D       T   H   E       V    I    R    O    U   S        HAPPY DAYS

[Scot123]

3 hours ago, graemeaylward said:

All this assumes that those over 60 have children who (a) are employed, (b) earn enough to pay tax, and (c) declare their income to the Income Tax department!  This is of absolutely no use to the majority of pensioners in rural areas, whose children earn under the basic wage as labourers paid cash in hand. It also assumes that older people have money to travel, which the majority do not on their 600-1000 baht per month pension!  

But it helps the rich.