Thailand implements excise tax reform

BANGKOK, March 24 (TNA) - The Thai government, through the Ministry of Finance's Excise Department, is implementing an excise tax reform based on the international standard, expected to be fully enforced by mid-September 2017. Excise Department Director-General Somchai Poonsawat told journalists of the update on Friday, saying that the reformed excise tax will also be in line with the national economic situation currently. Under the excise tax reform, Somchai explained, a new major excise bill, in which previously seven relevant laws have been consolidated, has already been enacted and announced in the Royal Gazette since March 20, but it will be fully enforced within 180 days thereafter, or by September 16, 2017. Somchai noted that about 80 secondary excise laws will also be promulgated, in which excise taxes of different categories of products will be stated and will be enforced over the next two decades. The excise department chief affirmed that the reformed excise tax will ensure fairness, transparency and efficiency of Thailand's excise management system based on the international standard. According to the excise department chief, his department will notify the private sector of the excise tax reform in details and will publish the new excise bill in both the Thai and the English languages to be distributed to relevant private agencies, namely the Board of Trade of Thailand (BTT), the Federation of the Thai Industries (FTI) and foreign business councils in Thailand. (TNA)