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Thursday, July 25, 2024

Finance Ministry to Reduce Import Tariffs on Battery Electric Vehicles

The Ministry of Finance is moving forward with a plan to reduce import tariffs on completely built-up (CBU) battery electric vehicles (BEVs) in an effort to increase EV use in Thailand.

According to a publication on the Royal Gazette website, the tariff reduction measures will be in effect from May 4, 2022, to December 31, 2023.

Battery electric vehicles with fewer than ten seats and a purchase price of less than two million baht will now be exempt from import tariffs if the original tariff is less than 40%. Tariffs are also capped at 40% if the initial figures exceeded 40%.

Meanwhile, BEVs with a battery capacity greater than 30-kilowatt hours and a price between 2 million and 7 million baht will be exempt from import tariffs if the original numbers are less than 20%, or their tariffs are capped at 20% if the original tariffs are greater than 20%.

The tariff reduction for the two types of EVs is one of six measures proposed by the National Electrical Vehicle Policy Board, approved by the Cabinet in April to promote both the use of EVs and EV manufacturing in Thailand.

Additional measures include providing subsidies to purchasers of certain EVs, lowering the excise tax on BEV motorcycles, and lowering import tariffs on certain EV components manufactured within the country.

Claodia Moro
Author: Claodia Moro

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