Hanoi (VNA) - Thailand will start collecting 10% custom duties on low-cost imports previously exempt from tax as part of a government plan to protect local small- and medium-sized businesses, finance minister Ekniti Nithanprapas said on November 14.
Currently, imported goods with a value of 1,500 THB (46.29 USD) or less are exempt from import duties, while those of higher value are subject to different rates of tax based on the type of product.
The new measure, which will come into effect on January 1 next year, will help the Thai manufacturing sector, the minister said. The Thai government is also seeking cooperation from the operators of online commercial platforms to help collect the tax.
The customs duties will be used to protect SMEs from cheap imported goods flooding into the country following the global trade war, according to the official.
The measure will impact the e-commerce, logistics, and retail sectors, and put an additional burden on carriers, according to law firm Tilleke & Gibbins.
Cheap goods mostly imported from China have upended local manufacturing and businesses, contributing to a slew of factory closures and job losses, prompting businesses to call on the government to take action./.
Thailand hopes to resolve border dispute with Cambodia through diplomacy
Prime Minister Anwar Ibrahim of Malaysia, which holds the ASEAN chairmanship this year, held telephone conversations with his Cambodian and Thai counterparts, Hun Manet and Anutin Charnvirakul, to discuss recent developments along the two countries’ border.
