BANGKOK, 20 April 2019 (NNT) – In the light of indications of a national economic slowdown during the second quarter of this year due to external factors and a transitional period over the setting up of a new government, Deputy Prime Minister Somkid Jatusripitak has ordered the Ministry of Finance to take short-term economic stimulus measures, under which taxpayers may file the expenses on their children’s education in the upcoming semester as a tax deduction.
During a meeting with high-level officials of the Ministry of Finance, the deputy premier urged them to promptly find economic stimulus measures and keep the national economy from slowing any further. Those measures are set to be proposed for approval by the cabinet in the next two weeks.
Finance Minister Apisak Tantivorawong says the national economy during the second and third quarters would only grow by three percent, thus requiring some economic stimulus measures with a focus on promotion of domestic consumption for which an estimated 20 billion baht in funding is expected to be allocated.
At an initial stage, the measures call for tax deductions to help with students’ expenses and would be run in a manner similar to the Shopping for Country campaign. Tax-deductible expenses may include the purchase of students’ clothes, educational equipment and textbooks.
Besides, the regulations for housing loans provided to low-income earners would be made more favorable for them to borrow, while expenses on domestic recreational tours may also become tax-deductible.
