03 January, 2024

Thailand: Government approves slashing taxes on wine and spirits to boost tourism

Thailand’s cabinet has approved slashing taxes on wine and spirits in a bid to promote tourism.

Lawan Saengsanit, permanent secretary of the Ministry of Finance, revealed on Tuesday (2 January) that excise taxes on wine will be reduced from 10% to 5% and on spirits from 10% to zero.

Import tariffs on wines, currently assessed at 54% and 60% of declared value, will also be exempted for one year.

Additionally, the excise tax on entertainment venues will be halved, dropping from 10% to 5%. These tax adjustments will be in place till the end of this year, according to a filing from Thailand’s Ministry of Finance.

According to the Bangkok Post, the Thai Excise Department collected Bt177.6bn ($5.7bn) in alcohol, beer and beverage taxes in its fiscal 2023. The figure included Bt64.17bn from alcoholic beverages, Bt86.5bn from beer and Bt26.95bn from other beverages.

Last year, Thailand reached its target of 28m tourists, generating Bt1.2tn, government data showed.

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