28-3-2024 (BANGKOK) In a bid to elevate Thailand as a premier tourism destination, the government has announced tax waivers for organisers of large international concerts, sporting events, and festivals.
The Board of Investment revealed on Thursday that organisers orchestrating significant international events requiring a minimum investment of 100 million baht would benefit from import duty exemptions on equipment and facilitation for the temporary entry of foreign staff necessary for the events.
Prime Minister Srettha Thavisin has been championing event-related tourism as a key component of his “Ignite Thailand” campaign aimed at enhancing economic growth, which has seen an average rate of less than 2% annually over the past decade, lagging behind other Southeast Asian nations.
Mr Srettha highlighted the Eras Tour by American pop sensation Taylor Swift as an illustration of how major concerts and events can drive travel and related expenditure. He commended Singapore authorities for offering incentives to host six exclusive Swift concerts in Southeast Asia.
Meanwhile, Thailand has secured hosting rights for two significant events. Summer Sonic, a renowned music festival from Japan, will make its Bangkok debut in August, with an anticipated attendance of 350,000 people, as announced by Mr Srettha earlier this week.
Additionally, Thailand has inked a deal to host Tomorrowland, an annual dance music extravaganza originating from Belgium, commencing in 2026.
Paetongtarn Shinawatra, deputy chair of the national soft power committee, affirmed her committee’s commitment to eliminating any regulations hindering the event industry’s progress, demonstrating Thailand’s dedication to fostering a thriving events landscape.
