Le­gal Up­dates: Re­cent Le­gal Changes Af­fect­ing Busi­ness

Thai-American Business (T-AB) Magazine - - Contents - Thai­land Con­sol­i­dates Its Ex­cise Tax Laws

Anew Ex­cise Tax Act was en­acted on March 18 and pub­lished in the Royal Gazette on March 20. The new law will be­come ef­fec­tive in Septem­ber 2017 ( 180 days af­ter pub­li­ca­tion in the Royal Gazette) and will re­place and con­sol­i­date the ex­ist­ing ex­cise tax laws, in­clud­ing the To­bacco Act, Liquor Act and the cur­rent Ex­cise Tax Act. The new Ex­cise Tax will change the base for com­put­ing ex­cise tax from ( a) the ex­ist­ing ex- fac­tory prices and cost, in­sur­ance and freight ( CIF) val­ues to ( b) the “rec­om­mended re­tail price.” The rec­om­mended re­tail price is de­fined in the new law as “the rec­om­mended re­tail price that a man­u­fac­turer or im­porter wishes to be the sell­ing price to gen­eral con­sumers.” Sec­tions 17 and 18 of the new law pro­vide fur­ther guid­ance on how this price is de­ter­mined.

For more in­for­ma­tion con­tact Price Sanond Prab­has & Wynne at dman­cill@price­sanond.com.

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