Cut in excise tax for Thai eco-car production extended until 2025


BANGKOK: The cabinet this week has approved a move to extend the cut in excise tax for eco-car manufacturers from 17% to 14% for another two years, or until the end of 2025, a news source said on Thursday (Dec 21).

The measure, which was originally slated to end on Dec 31, had been proposed by the Industry Ministry in a bid to allow eco-car manufacturers time to shift towards electric vehicles (EV) production.

The source said the National Electric Vehicle Policy Board (EV Board) submitted its study on the automotive market to the cabinet, suggesting that the tax cut on eco-cars should be extended.

The study found that manufacturers have suffered from the impact of the pandemic and the semiconductor shortage, causing their transition toward EV manufacturing to slow.

The EV Board also underscored that the move would maintain Thailand’s status as an eco-car production champion, not least because the vehicles have outstanding features in terms of economy, safety, and low emissions, which are in line with the global standard of automotive industry.

The cabinet also tasked the Finance and Industry ministries to develop measures to support a smooth transition toward EV manufacturing, as well as the long-term development of EV industries under the policies of the EV Board. - The Nation/ANN

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Thailand , eco-car , excise , duty

   

Next In Aseanplus News

Malaysia extends condolences to Azerbaijan over air crash tragedy
Strong winds, rough seas warning for Malaysian waters from Dec 29 to 31
Eight people killed and many others injured as bus falls off bridge in India's Punjab
India lose five after Smith's heroics put Australia in charge of fourth Test
Tourists return to post-Olympic Paris for holiday magic
Olympic champions and table tennis superstars Fan, Chen quit table tennis circuit
Soccer-Amorim knows he can never be 'comfortable' as Man Utd boss
Asean News Headlines at 10pm on Friday (Dec 27, 2024)
18 cops to face ethics probe for allegedly extorting Malaysians at DWP festival in Jakarta
China auntie goes viral with comedic imitations, iconic scenes from Korean dramas

Others Also Read