The cabinet agreed to extend the “Ying Chai Ying Dai” program aimed at stimulating public spending, according to the government spokesperson’s team.
The adjustment was approved at Tuesday’s cabinet meeting along with expanding the state-sponsored relief program to cover Chachoengsao, Chon Buri and Ayutthaya, which have been added to the 10 provinces hardest hit by Covid. -19 and are under lockdown.
Government spokesman Anucha Burapachaisri said the government has given the green light to extend the Ying Chai Ying Dai (the more you spend, the more you get) program initially in effect until the end of September and the end of November.
The program provides users with electronic cash back vouchers for domestic purchases, encouraging people to purchase food, products and services at participating stores through the Krungthai Bank Pao Tang mobile app.
Participants will receive vouchers in their Pao Tang e-wallets at a rate of 10-15% of spending, with a maximum limit of 10,000 baht per person. The electronic voucher caps the amount it uses to calculate the cashback received at 5,000 baht per day, regardless of the daily amount spent.
The Thai Chamber of Commerce (TCC) suggested earlier that the complicated terms and conditions of the Ying Chai Ying Dai program should be removed.
The spokesperson said the program target had been drastically reduced from four million people to 1.4 million. This leads to a reduction in the budget for the program from 28 billion baht to 9.8 billion baht.
The TCC has suggested that the cash back program be transformed into a project similar to the “Shop Dee Mee Khuen” program which offers a tax deduction to individual taxpayers of up to 30,000 baht when purchasing goods or services. services.
The drop in spending thanks to the program is caused by the lockdown that has forced many department stores and restaurants to close.