BANGKOK (NNT) – The COVID-19 pandemic has ground the world economy to a halt, affecting employment, agriculture and exports. MIn Thailand, manufacturers under the Excise Tax, B.E. 2560 (2017), have also been hit by the COVID-19 situation. As a result the Finance Minister, Uttama Savanayana, has instructed the Excise Department to implement tax measures to prevent unemployment, and business closures.
The car making industry will benefit from the new tax measures. An increase in the excise tax limit for three-wheeled electric vehicles will stimulate production and employment, while promoting clean energy. Tax payment will be reduced from four percent to two percent.
Excise tax on fruit and vegetable juices with health benefits will be lowered from 20 percent to 10 percent. In addition to promoting this industrial segment, consumers will have more choices and access to healthy beverages.
The government will support service businesses that keep their workers employed. These businesses will enjoy a zero tax rate until September this year.
The current tax rate on cigarette and tobacco products will be extended until September 30, 2021. A new tax rate will be applied on October 1, 2021, to help raise liquidity. The delivery time for goods exempted from duty has been extended from 30 days to 120 days.