BANGKOK – The Deputy Minister of Finance has confirmed that a new Excise Tax will come into effect on September 16.
At a seminar entitled “Business Sector Adaptation to the New Excise Tax Act”, Deputy Minister for Finance Wisut Srisuphan reminded businesses that the new excise tax scheme will come into effect on September 16 but noted that tobacco and alcoholic beverages may still have their taxation rates altered by the Cabinet when it convenes on September 12.
He explained that the adjustment is being considered due to concerns of hoarding of the two commodities but claimed that their new rates are not much higher than current figures. He admitted that particular focus is being placed on alcoholic beverages, with excise tax set to reflect the rate of national consumption.
Excise Department Director-General, Somchai Pulsawad meanwhile indicated that the Council of State is considering an excise on sweetened food items, stating that fruit juice hawkers will not be affected. The new rate will better comply with World Health Organization regulations as well as recommendations by the National Reform Steering Assembly.