Thailand
Thailand: Excise tax basis set to change
Thailand: Excise tax basis set to change
Tuesday, 2 August 2016 – Legal amendments to switch the excise tax basis to state-recommended retail prices from ex-factory prices are expected to come into force by mid-2017, says the Excise Department.
The change in the method of calculation will standardise duty collection and create more fairness and transparency, said director-general Somchai Poolsavasdi.
Under the current system of calculating excise tax, importers have used loopholes to understate the value of costs, insurance and freight (CIF) in order to reduce their tax burdens. Read More?