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THAILAND: Higher Tax Rates Looming for Luxury Goods Sector

Luxury and high-end products will be subject to higher tax rates under new regulations proposed by the Excise Department. Under the terms of the new regime, any luxury item sold at a price higher than that specified by the department will be taxed on a sliding scale based on to the price premium above the specified price. The tax will also take into account the unit quantity any such items are sold in (i.e. a 1 litre bottle of wine will be taxed proportionately higher than a 750ml bottle).

In order to allow the implementation of the amended law, the Excise Department will be issuing updated guidelines as to the recommended prices of a range of luxury goods. The new regulations are expected to go into effect around mid-2017.

Content provided by Picture: HKTDC Research
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