Ekniti to announce imported car tax hike details in September

Prachachat•Economy•6d ago

Reader Briefing

Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas plans to increase excise taxes on imported cars to protect domestic producers.

•Excise taxes will be used instead of customs duties due to FTA limitations.
•Details on the tax rates are expected to be announced within September.
•The tax measure is projected to be enforced in early '70.
•Companies that invest in domestic production may be granted the original tax rate via MOU.

•Ekniti Nitithanprapas stated that excise taxes are necessary because customs duties cannot be used due to FTA constraints.
•Ekniti Nitithanprapas is considering tax rates that allow domestic investors to remain competitive.
•Ekniti Nitithanprapas intends to announce clear details regarding the tax rates within September.
•The tax increase is expected to be implemented in early '70, providing the private sector 3-4 months to adjust.
•Ekniti Nitithanprapas suggested that companies signing an MOU to establish factories in Thailand could maintain the original tax rate.
•Ekniti Nitithanprapas noted that the automotive industry is being disrupted as people shift toward Electric Vehicles (EV) due to high oil prices.
•Ekniti Nitithanprapas mentioned that approximately 8-9 EV factories have already begun production for export in Thailand.
•Ekniti Nitithanprapas acknowledged that the transition may impact the car market but is necessary to prevent domestic factories from closing.

Full article content is available on the original source.

Ekniti Nitithanprapas

"We will increase excise taxes for cars that are not produced in the country."

เราจะขึ้นภาษีสรรพสามิต สำหรับรถที่ไม่ผลิตในประเทศ

Ekniti Nitithanprapas(เอกนิติ นิติทัณฑ์ประภาศ)ℹ️

Deputy Prime Minister and Minister of Finance.

Prachachat Turakij(ประชาชาติธุรกิจ)

The news outlet to which Ekniti Nitithanprapas provided information.

ASEAN(อาเซียน)ℹ️

A regional bloc where member states share FTA customs duty exemptions.

Thailand(ประเทศไทย)ℹ️

The country seeking to attract EV production bases and protect domestic manufacturers.

Vietnam(เวียดนาม)ℹ️

A country with zero customs duties for Thai exports under FTA.

Malaysia(มาเลเซีย)ℹ️

A country with zero customs duties for Thai exports under FTA.

Indonesia(อินโดนีเซีย)ℹ️

A country with zero customs duties for Thai exports under FTA.

FTA

Free Trade Agreements that limit the use of customs duties.