It’s no secret that Thailand has significantly benefited from the power of tourism in the past years. Revealed by the ever-efficient Revenue Department, a staggering 9.4 million globetrotters sought VAT refunds from 2017, marking the total expenditure that exceeded a remarkable 200 billion baht. If that doesn’t speak volumes about the attractiveness of this exotic paradise, then nothing does!
The influx of tourists even survived the test of time when we look back at 2020. With 230,000 voyagers willing to spend a whopping 11 billion baht, Thailand’s enchanting beaches and vibrant cities convinced them to part with a considerable fortune. Luck was certainly on their side as they managed to score a refund of 575 million baht. Bet that eased the sting on their high-end shopping spending!
Fast-track to 2021 and the picture got even better. Tourists with a sharp eye for bargains sniffed out excellent deals, determined not to let their opportunities go to waste. VAT refunds were claimed by a record-breaking 1.2 million visitants, generating a payout of 2.3 billion baht from a collective spending of 42 billion baht. Clearly, nothing could slow down the unstoppable tourists, not even their ever-increasing shopping lists!
However, the fierce beast called Covid-19 did manage to leave its mark in 2021. Tragically, and not unexpectedly, it was the only year that marked a low in tourist expenditure slumping to 956 million baht. But all was not lost. A brave bunch of 7,800 explorers still made their journey, to be welcomed with a VAT refund gift of 55 million baht. Every cloud has a silver lining, right?
These figures painted by the Revenue Department stand as firm testaments to the thriving vitality of Thailand’s tourism industry. The amount of VAT refunds claimed directly represents the industry’s triumphant resurrection in the face of adversity.
But wait, the Thai government has more aces up their sleeves. They’ve come up with an even savory proposition – a one-stop VAT refund counter at the customs checkpoint. Can it actually get any better? Picture this: no longer you will have to queue up at a separate VAT refund counter after a tiring day of shopping. You could now conveniently claim your refund whilst exiting! This initiative will undoubtedly pave the way for a seamless and pleasant shopping experience in Thailand.
Plus, there’s an exciting new development for all luxury lovers. The government is eager to roll out a plan to slash taxes on high-end and branded products. This is a definite lure to attract big money spenders and breathe new life into the country’s economy.
So, brace yourself for a delightful shopping spree with an irresistible cherry on top. Thailand, with its captivating culture and extravagant shopping arenas, eagerly awaits your visit. And remember, the more you spend, the more you get back!