BANGKOK, 24 May 2012 – The Finance Minister has announced that the first-car tax rebate program will not be extended beyond the end of this year.
Deputy Prime Minister and Minister of Finance Kittiratt Na Ranong said that the Finance Ministry will not consider postponing the expiry date of the 100,000-baht tax rebate scheme for first-time car buyers. Thus, Mr. Kittiratt has encouraged those wishing to benefit from this privilege to make prompt decisions. Exceptions may only be applied to special cases of delayed car productions.
The program, which gives up to 100,000-baht tax rebates to first-time car buyers, aims to ease the people’s financial burdens. Additionally, the program also boosts the country’s production, after sales service, as well as create career opportunities and increase payment options for the public.
Meanwhile, the Excise Department has reported that 40,000 car owners have already registered for the tax rebate while another 200,000 eligible cars are waiting to be registered with the Department of Land Transport (DLT). Additionally, an online platform has been launched to take tax rebate applications; however, interested applicants must have in their possession the car registration booklets from the DLT.
First-time car buyers will receive the tax refund within one year from the purchase date. In addition, to prevent profiteering, the vehicle has to remain in the possession of the buyer for at least five years before it may be resold.