Connect with us

Economics

New sin-tax rates to bring extra $363 million to Thailand’s state coffer

The Excise Department says the new tax rates effective Sept 16 will raise prices of unhealthy foods and drinks, while generating 12 billion baht more on taxes from them annually

Bahar Karaman

Published

on

The Excise Department says the new tax rates effective Sept 16 will raise prices of unhealthy foods and drinks, while generating 12 billion baht more on taxes from them annually.

Director-general of the Excise Department Mr Somchai Poolsavasdi said the new tax rates will bring about 2% tax burden on business operators from the tax rates they previously paid.

This amounted to 12 billion baht more on tax revenues based on retail prices earned yearly by the department, he said.

But he assured that the new tax rates will meet international standards, be more transparent, basing less on consideration by tax officials, and boosting tax collection efficiency.

The new rates will affect sweetened drinks which were not taxed before such as green tea. It will have to pay 1.13-2.5 baht tax while canned coffee and fruit juices facing 1.35 baht and 6-54 satang respectively.For soft drinks, energy drinks, sport drinks, canned beer, bottled beer, they all will have higher taxes.

Prices for soft drinks will be 13-50 satang higher; 32-90 satang higher for energetic drinks and mineral drinks; 50 satang for canned beer; 2.66 baht for bottled beer; 8-30 baht for local whiskies; and 3-26 baht for imported whiskies.

Imported wines priced less than 1,000 baht will see higher price of 110 baht more, while imported cigarettes priced less than 60 baht will be 4-15 baht higher per packet, while over 60 baht cigarettes will see 2-14 baht increase in prices.The Excise Department insisted that officials will take legal action against manufacturers and importers who paid old tax rate for their goods but sell them at new price.

Source: New tax rates to earn extra 12 billion baht to state coffer – Thai PBS English News

Continue Reading
Advertisement
Comments

Economics

Productivity is Key to Thailand’s Growth and Prosperity, says World Bank

The Thai economy is projected to pick up moderately to 2.7 percent in 2020 as private consumption recovers and investment picks up due to the implementation of large public infrastructure projects.

World Bank

Published

on

Thailand’s growth slowed to an estimated 2.5 percent in 2019 from 4.1 percent in 2018, due to external and domestic factors.

(more…)

Continue Reading

Economics

Thailand plans One trillion baht state budget to stimulate economy

Deputy Prime Minister, Dr. Somkid Jatusripitak, said that about 1 trillion baht of the government’s budget will be spent to stimulate the Thai economy.

Boris Sullivan

Published

on

Thai premier holds meeting on 2020 Budget

BANGKOK (NNT) – The ongoing trade war between the United States and China and a delay in state spending have added uncertainty to the country’s economic outlook.

(more…)

Continue Reading

Economics

Investment promotion requests exceeded 750bn baht in 2019

An impressive 59% was in the Eastern Economic Corridor, with China outreaching Japan to become the biggest international investor in Thailand.

National News Bureau of Thailand

Published

on

Bangsue railway station

BANGKOK (NNT) – Thailand remained an investment destination for international investors last year, as reflected in the overall value of investment promotion requests in 2019, released by the Board of Investment (BOI) today, which exceed a 750 billion baht goal.

(more…)

Continue Reading

Most Read

Upcoming Events

Thu 23

12th World Congress on Alzheimers Disease & Dementia

January 23 @ 9:00 am - January 24 @ 5:00 pm BMT
Feb 12

Future Energy Asia

February 12 - February 14
BITEC
Bangkok
Feb 19

13th World Congress on Nursing and Health Care

February 19 @ 9:00 am - February 20 @ 5:00 pm BMT
Phuket
Phuket city
Mar 11

Food science conferences

March 11 @ 8:00 am - March 12 @ 5:00 pm BMT
Mar 11

Food science conferences

March 11 @ 9:00 am - March 12 @ 5:00 pm BMT

Press Release

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 12,053 other subscribers

Trending