Excise dept eases tax burden on five businesses

[webfact]

Excise dept eases tax burden on five businesses

By THE NATION

 

 

The Excise Department is set to issue nine new regulations to adjust excise collection in five businesses amid the Covid-19 crisis.

 

Pachara Anantasilp, the department’s director general, said two ministerial regulations and seven of its own announcements will be published in the Royal Gazette this week  before implementation. The main aim of the regulations is to reduce, exempt or expand the collection of excise in five businesses.

 

Pachara added that tax from tobacco products will stand at 40 per cent until October 1, 2021, before it is increased. This 40 per cent rate was meant to last until October 1 this year.

 

“Maintaining the tax at this rate for another year will help tobacco businesses during this crisis,” he said, adding that no tax will be collected from entertainment venues from July to September, though operators are expected to continue employing their staff.

 

In relation to fruit juice, the department will cut the tax down to 3 per cent from 10 per cent, though tax on juice concentrate will not be reduced further as it was already cut from 20 per cent to 10 per cent. Pachara said the lower the concentrate, the lower the tax.

 

Excise tax on electric tuk tuk will be reduced to 10 per cent from 20 per cent in a move to woo investment.

 

In addition, the department will expand the period of tax exemption for products sold at airports. Usually no tax is collected from products being sold via airport shops if they remain in the store for 15 days. However, the department decided to extend this period to 30 days and plans to go as far as 120 days if the Covid-19 crisis continues.

 

Pachara said these adjustments would cost the department at most Bt1 billion, adding that his organization has reduced its collection target this year from Bt64 billion to just Bt6 billion owing to the outbreak.

 

Source: https://www.nationthailand.com/news/30390912

 

-- © Copyright The Nation Thailand 2020-07-08

 

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[ukrules]

26 minutes ago, webfact said:

Bt64 billion to just Bt6 billion

That's quite a drop, huge!

[CLS]

3 hours ago, ukrules said:

That's quite a drop, huge!

The figures don’t add up. The fiscal year ends 30th September. 

Maybe from 64 to 63 billion baht. Rumors say numbers are not their strength.

Edited July 7, 2020 by CLS

[topt]

4 hours ago, webfact said:

adding that no tax will be collected from entertainment venues from July to September, though operators are expected to continue employing their staff.

Anybody know what specific tax he is referring to?

[Bender Rodriguez]

5 hours ago, webfact said:

will help tobacco businesses during this crisis

 

super disgusting unhealthy cancer causing got tax break ... just what the people needed, right

[Almer]

2 hours ago, Bender Rodriguez said:

 

super disgusting unhealthy cancer causing got tax break ... just what the people needed, right

Agreed but a quick fix is ofter needed

[sammieuk1]

Great news tax cuts but what is this pile of cack offering the decimated tourist sector ????

[Redline]

And, the thousands of other products?  These are corporations