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Tuesday, June 25, 2024
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Duty exemption for electric vehicle components approved in Thailand

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Thailand’s cabinet approved an extra incentive package on Tuesday to encourage domestic manufacture of electric vehicles (EVs) by cancelling import taxes on specific parts.

According to Anucha Burapachaisri, deputy secretary-general to the prime minister and government spokeswoman, the tax exemption applies to nine lists of items, including batteries and traction motors, imported for assembly or production of battery-powered vehicles and boats.

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According to Anucha, the Ministry of Finance estimates that the waiver, which will be in effect until the end of 2025, will result in revenue losses of 3.14 billion baht (about 90 million US dollars) per year, but it will attract local battery electric vehicle (BEV) production and promote Thailand’s development as a regional EV production hub.

The national EV policy committee agreed last month to reduce the excise tax on EV batteries from 8% to 1% while providing incentives for local EV battery manufacture.

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