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Thailand to Waive Tax on EVs
Thailand is poised to drop its 2% excise tax on full-electric cars for carmakers that begin building them in the country less than three years from now.
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Thailand is poised to drop its 2% excise tax on full-electric cars for carmakers that begin building them in the country less than three years from now.
Because of the low volumes likely, the tax cut is largely symbolic, the Bangkok Post says. But the move is intended to signal the government’s commitment to support an EV industry in the country.
An earlier government incentive cut the tax to 2% from 8% for 15 carmakers that vowed to begin making EVs in Thailand by the end of 2021.
Thailand’s tax scheme offers lesser breaks for hybrids. The department notes that EVs in Thailand currently cost about 2 million bhat ($64,100), half of which is for the propulsion battery. To encourage EV sales, the country must promote local battery production and recycling, the department says.
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