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Finance Ministry proposes to tariff cuts for 30 Thai products

The Finance Ministry has submitted to the Prime Minister a draft decree allowing tax reductions ranging from 5-10 percent for 36 products from Thailand from April 1, ahead of the deadline for the implementation of the Common Effective Preferential Tariffs (CEPT) scheme among ASEAN countries.

Those subject to the tariff cut include clinker, cement, ceramics, high capacity air conditioners, refrigerators and washing machines. Clinker will enjoy a tax rate of 5 percent instead of the current 10 percent; and refrigerators, 10 percent instead of 20 percent.

The Finance Ministry estimated that if the decree takes effect, revenue from import taxes will decrease by about US$3.6 million in 2005, mainly from clinker and refrigerators. However, it said import tax reductions on clinker will help the cement industry reduce its production costs, while domestic refrigerator and washing machine makers are now strong enough to cope with the tax cut, so the market will not be negatively affected

VOV - (23/03/2005)

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