New tax rate set to earn the state an additional 12 billion baht

The Excise Department, those behind the recent tax increase that came into effect on Saturday said that the new rates would generate an additional 12 billion baht annually for the government.

The Director-general of the Excise Department, Somchai Poolsavasdi said that business operators will pay about 2% more in tax than they were previously paying.

New tax rate set to earn the state an additional 12 billion baht

He said this would work out roughly to an additional 12 billion baht per year based on current retail prices.

Also read : The price for sweetened drinks in Thailand could be set to rise

The Director-general went on to explain that the new rates were put in place to meet international standards and be more transparent. The new tax rates will affect sweetened drinks which previously were not subject to tax.

New tax rate set to earn the state an additional 12 billion baht

Also read : New tax rates for cigarettes and alcohol announced and it’s not good

Love Pattaya has already reported that alcohol and cigarettes were also heavily taxed under the new rates.

The Excise Department also issued a stern warning vowing to prosecute anyone found to be selling goods brought with the old tax rate and selling them at the higher tax price.

Source : ThaiPBS

Content : LovePattayaThailand

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