Thailand to cut import duties on designer goods

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VivienneThailand’s government said on September 8 that it will scrap import duties on designer goods such as luxury watches, clothes, perfumes and cosmetics in order to help the country compete with Hong Kong and Singapore for wealthy travelers from markets including China.

Import duties on some luxury goods will be reduced to between zero and 5 per cent, from 30 per cent. The finance ministry said it will discuss the plan with local retailers to ensure they aren’t adversely affected by the measure.

Thailand’s tourist arrivals increased 16 per cent to 22.4 million in 2012, according to government data. The number of visitors from China surged by 62 per cent to 2.8 million. The country’s GDP is already dependent by 50 per cent on income from the tourism services industry, making tourism currently one of the few promising economic engines.

The government expects tourist arrivals to surge 18 percent to 26.4 million this year, probably surpassing Malaysia’s, helping to counter a slump in exports and domestic consumption that may cause the economy to grow as little as 3.8 per cent.

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Reading Time: 1 minute

Thailand’s government said on September 8 that it will scrap import duties on designer goods such as luxury watches, clothes, perfumes and cosmetics in order to help the country compete with Hong Kong and Singapore for wealthy travelers from markets including China.

Reading Time: 1 minute

VivienneThailand’s government said on September 8 that it will scrap import duties on designer goods such as luxury watches, clothes, perfumes and cosmetics in order to help the country compete with Hong Kong and Singapore for wealthy travelers from markets including China.

Import duties on some luxury goods will be reduced to between zero and 5 per cent, from 30 per cent. The finance ministry said it will discuss the plan with local retailers to ensure they aren’t adversely affected by the measure.

Thailand’s tourist arrivals increased 16 per cent to 22.4 million in 2012, according to government data. The number of visitors from China surged by 62 per cent to 2.8 million. The country’s GDP is already dependent by 50 per cent on income from the tourism services industry, making tourism currently one of the few promising economic engines.

The government expects tourist arrivals to surge 18 percent to 26.4 million this year, probably surpassing Malaysia’s, helping to counter a slump in exports and domestic consumption that may cause the economy to grow as little as 3.8 per cent.

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