Measures to promote the use and production of electric vehicles
On 15 February 2022, the Cabinet approved measures proposed by the National Electric Vehicle Policy Committee (the “Committee”), in accordance with the resolutions of the Committee’s meetings No. 3/2564 and 1/2565, to promote the use and production of electric vehicles (EV) in Thailand. These measures will be funded by 3 billion baht from the central budget in the fiscal year 2022, with the Cabinet also agreeing in principle to provide a further budget of 40 billion baht for the fiscal years 2023-2025.
The measures proposed by the Committee offer significant tax and non-tax incentives as tabulated below:
Thailand’s EV demand started to gain momentum when Chinese car makers entered the Thai market with low prices. Great Wall Motor (GWM), a global SUV and pick-up truck manufacturer, is a key player shaking up the Thai EV market after launching a 100-per-cent electric vehicle, the ORA Good Cat, in October last year at a competitive price, creating an electric vehicle phenomenon in the country. Source
EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate. Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
For other interesting articles from our members and chamber activities, please visit our website.