NEWS
THAILAND PLANS TO CUT WINE AND SPIRITS TARIFFS BY 50% OVER 5 YEARS
By Siulan Law Mathews DipWSET
22-9-2021
Credit: David Mathews
The Thai government is planning to cut tariffs on imported alcoholic beverages by 50 percent over a five year period, according to the Bangkok Post.
The plan will form part of the efforts by Thai authorities to revive the country’s pandemic-stricken economy, it was said.
A 50 percent import duty cut for cigars is also being considered by the government.
The Bangkok Post quoted Thailand’s Customs Director-General Patchara Anuntasilpa as reporting that about 30 percent of alcoholic beverage and cigar products will be covered by the planned tax cuts if materialised.
The newspaper also said Thailand’s wine trade has been calling for a wine and spirits tariff cut for over a decade, and the reduction is still to be officially confirmed.
Alcoholic beverages import in Thailand are currently subject to 5 to 60 percent of tariffs. Excise duty on alcoholic drinks can reach up to 300 percent while standard VAT rate is 7 percent. Total tax for imported wine and spirits can be higher than 360 percent.
The planned tariff reduction is part of the government’s scheme to stimulate post-Covid-19 economic recovery. It also involves encouraging wealthy foreigners and highly skilled professionals to stay and work in Thailand, the news report noted.
The scheme aims to attract over a million people to stay and work in Thailand hopefully bringing about a trillion baht (USD29.9 billion) to the Thai economy in the next five years.
(the writer can be contacted at: info@thewinechronicle.com)
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