New tax law could provide spark to Thailand’s global EV hub dream

A new tax law introduced today could provide the spark to realize Thailand’s global electric vehicle hub dream.

The Excise Department in Bangkok revealed a law governing the reduction of the EV tax from 8% to 2% will be published tomorrow in the Royal Gazette and come into effect on Friday, after the Council of State finished vetting the law, and Finance Minister Arkhom Termpittayapaisith signing it into law.

Department spokesman Nattakorn Utensut Nattakorn says now the law is in effect, more EV manufacturers will want to sign deals with the government to jointly promote EV adoption in Thailand.

“I believe there will be at least 3 to 4 EV manufacturers from Japan and China, and 2 to 3 electric motorcycle makers from Thailand and China signing MoUs this year.”

Thailand recently introduced state subsidy and tax incentive measures to promote EV production and adoption in the…