The price of some of your favourite vices is set to go up after the cabinet in Thailand approved a two percent increase to the “sin tax” at a meeting held yesterday (August 1)
What this means is the price of alcohol and cigarettes will increase and the extra funds will go to helping elderly citizens.
The extra money collected in taxes will be used directly to increase the amount of money citizens over 60 years of age receive each month from the government.
Currently those over 60 years of age receive between THB600-THB1000 per month with the amount increasing as a person gets older. Following the tax increase the amount should increase to as much as THB1300 per month.
The additional money collected from the “sin tax” will be kept separate from the rest of the money raised which currently amounts to THB213 billion per year.
It breaks down to THB65 billion from tobacco products, THB62 billion from liquor and THB86 billion from beer sales.
The new increase set to take effect from 2018 and will bring the “Sin Tax” to a total of 7.5 percent.
Source : Bangkokpost
Content : LovePattayaThailand