Thailand exempts tax on electric car manufacturers

Tinuku ~ Thailand has inaugurated the electric car incentives. Promotional policy package announced by the government is not only electric vehicle (EV), but also hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV) and battery electric vehicle (BEV). One of Honda's Japanese manufacturers welcomed the regulation.

Tinuku Thailand exempts tax on electric car manufacturers

Honda said the regulatory package for electric cars opens up many opportunities where they will be planning various product designs and electric car technologies and claim to be ready to have the technology.

"We have previously proposed to the government that they should offer HEV and PHEV promotional packages, before extending to BEV, and this government incentives are in line with our proposal," said Pitak Pruittisarikorn, Chief Operating Officer of Honda Thailand.

EV policy package issued by the Thai government is not only open to hybrid electric vehicles (HEV), but also PHEV and BEV. Various packages are preferred tax removal.

The Board of Investment of Thailand last March approved an incentive for EV, including a 5 to 8 year tax holiday focusing on HEV, PHEV and BEV production.

Cars that meet the policy criteria are passenger vehicles, pickup trucks and buses with different tax breaks based on production technology.

HEV vehicle producers get the exemption from import tariffs on machinery, while for PHEV producers get corporate income tax exemption for three years and exemption of import tariff for machinery.

PHEV vehicle investors who produce more than one main component of EV will get an additional right year with corporate income tax exemption. Investments for BEV will get the company's tax exemption rights for 5 to 8 years.