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

ADB Trims Southeast Asia’s growth forecast to 4.4%

Southeast Asia’s growth forecast is revised down slightly to 4.4% for 2019, as economic weakening in Singapore and Thailand prompts downward adjustments to their growth forecasts

Asian Development Bank

Published

on

 The Asian Development Bank (ADB) has trimmed its forecasts for economic growth in developing Asia this year and next year as growth in the People’s Republic of China (PRC) and India is weighed down by both external and domestic factors.

(more…)

Continue Reading

Economics

Thai economy continued to be on a decelerating trend (Bank of Thailand)

The Thai economy continued to be on a decelerating trend in October, although private consumption indicators expanded and foreign tourist arrivals continued to expand.

Avatar

Published

on

iStock-1144933955.jpg

According to Bot latest Press Release, the Thai economy continued to be on a decelerating trend in October. The value of merchandise exports continued to contract, mainly due to the economic slowdown of trading partners, consistent with deterioration in manufacturing production and private investment indicators.

(more…)

Continue Reading

Economics

Thai Cabinet approves new economic stimulus measures

The Thai government has rolled out new stimulus measures intended to boost full-year economic growth to 2.8%

Boris Sullivan

Published

on

The Thai Cabinet today approved three new stimulus packages to prop up the softening economy, said Finance Minister Uttama Savanayana.

(more…)

Continue Reading

Most Read

Upcoming Events

Jan 23

12th World Congress on Alzheimers Disease & Dementia

January 23, 2020 @ 9:00 am - January 24, 2020 @ 5:00 pm BMT
Feb 12

Future Energy Asia

February 12, 2020 - February 14, 2020
BITEC
Bangkok
Feb 19

13th World Congress on Nursing and Health Care

February 19, 2020 @ 9:00 am - February 20, 2020 @ 5:00 pm BMT
Phuket
Phuket city
Mar 11

Food science conferences

March 11, 2020 @ 8:00 am - March 12, 2020 @ 5:00 pm BMT
Mar 11

Food science conferences

March 11, 2020 @ 9:00 am - March 12, 2020 @ 5:00 pm BMT

Press Release

Subscribe via Email

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

Join 11,937 other subscribers

Trending