The Finance Ministry has announced sweeping excise tax cuts for hybrid electric vehicles and electric powered vehicles effective as of the announcement is published in the Royal Gazette until December 31, 2025.
The excise tax cuts are designed to promote the development and production of hybrid electric and electric powered cars in Thailand which will hopefully boost the economy.
The tax cuts are applied to pick-up passenger vehicles or PPV with engine capacity not exceeding 3,250 cc powered by electricity and fuel, double-cab pick-ups with engine capacity not exceeding 3,250 cc and powered by electricity and fuel, hybrid electric sedans with engine capacity not exceeding 3,000 cc and electric powered vehicles.
The new excise tax rates for the PPV, double-cab hybrid electric pick-up and hybrid electric sedans are 23 percent, 10 percent, half of the old rate and two percent respectively.
Those who are eligible to excise tax cuts must have the following qualifications: have obtained investment incentives from the Board of Investment; must submit letters apply for tax cuts within December 31, 2020; must use batteries produced or assembled from plants which have obtained BoI's investment promotion certificates.
Source: Thai Public Broadcasting Service (Thai PBS)