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Thailand offers tax waivers to boost international music fests, events | Scoop
Thai Prime Minister Srettha Thavisin highlighted the economic impact of Taylor Swift’s Eras Tour as an example of what can be achieved with proper financial incentives. – Bernama pic, March 29, 2024
News

Thailand offers tax waivers to boost international music fests, events

‘Ignite Thailand’ initiative hopes to boost the country’s lagging economic growth

Scoop Reporters
Updated
11:44 AM MYT

 

KUALA LUMPUR – Thailand’s government is intensifying efforts to position the country as a tourism hotspot by offering tax waivers to organisers of major international concerts, sporting events, and festivals.

According to the Bangkok Post, Thailand’s Board of Investment announced on Thursday that organisers arranging large-scale international events with investments exceeding THB100 mil (RM12.9 mil) would benefit from import duty exemptions on equipment and facilitation for the temporary entry of necessary foreign staff.

Prime Minister Srettha Thavisin has been advocating for event-driven tourism as part of his “Ignite Thailand” initiative aimed at boosting economic growth, which has been lagging behind the Southeast Asian average, averaging less than 2% annually for the past decade.

Highlighting the impact of major concerts and events on travel and related expenditures, Srettha cited the Eras Tour by American pop superstar Taylor Swift as an example. He also praised Singapore’s incentives for hosting six exclusive Swift concerts in the region.

Meanwhile, the Thai government recently confirmed its selection as the venue for two significant events: Japan’s Summer Sonic music festival, set to debut in Bangkok in August with an expected turnout of 350,000 attendees; and the annual Tomorrowland dance music festival from Belgium, scheduled to commence in Thailand in 2026.

Deputy Chair of the National Soft Power Committee, Paetongtarn Shinawatra, said that her committee is actively working to eliminate any regulatory barriers hindering the event industry’s growth. – March 29, 2024

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