Luxury cars to get price database
Writer:Wichit ChantanusornsiriPublished:22/07/2015 at 07:44 AM
The Customs Department will create a database of luxury car benchmark prices to standardise the duties charged on vehicles imported by authorised and independent dealers.
The department will set up a committee tasked with assessing prices to set a single price for each imported car model to be used at all checkpoints, director-general Somchai Sujjapongse said.
Each luxury car model will have a single benchmark price and customs officials will then impose the same tax for cars imported by authorised and independent grey market dealers regardless of checkpoints.
The move came after authorised dealers complained that independent dealers declared lower imported car prices, though they are the same model, causing their cars to be charged at higher duty rates.
Besides, independent dealers always declare different prices of the same model of car when they are imported through Laem Chabang port and Bangkok port.
Mr Somchai said each checkpoint used different declared prices, on which duty is calculated, so the benchmark price would help set a standard scale for all checkpoints.
The measure may add a tax burden for some independent dealers as the declared price may be higher, he said, adding that this would boost the department's tax revenue collection.
The Customs Department mustered 76.9 billion baht, almost 6% or 4.81 billion short of target, between October and May.
The department's tax revenue target has been set at 122.4 billion baht for this fiscal year.
Mr Somchai estimates that the department will miss the target by 7-8 billion baht this fiscal year due to the decline in imports, with 4.5 billion baht in foregone revenue in fiscal 2015 after the government earlier cut import duties for 1,500 items.
Meanwhile, Deputy Finance Minister Wisudhi Srisuphan said the cabinet had approved amendments to the law governing fines for customs-dodging and rewards given to officials and third-party whistleblowers.
Under the amended law, the court can decide on the penalty based on the intention of the tax dodgers or set a fine up to four times the unpaid customs duty.
Luxury cars to get price databaseWriter:Wichit ChantanusornsiriPublished:22/07/2015 at 07:44 AM The Customs Department will create a database of luxury car benchmark prices to standardise the duties charged on vehicles imported by authorised and independent dealers.The department will set up a committee tasked with assessing prices to set a single price for each imported car model to be used at all checkpoints, director-general Somchai Sujjapongse said. Each luxury car model will have a single benchmark price and customs officials will then impose the same tax for cars imported by authorised and independent grey market dealers regardless of checkpoints. The move came after authorised dealers complained that independent dealers declared lower imported car prices, though they are the same model, causing their cars to be charged at higher duty rates.Besides, independent dealers always declare different prices of the same model of car when they are imported through Laem Chabang port and Bangkok port. Mr Somchai said each checkpoint used different declared prices, on which duty is calculated, so the benchmark price would help set a standard scale for all checkpoints.The measure may add a tax burden for some independent dealers as the declared price may be higher, he said, adding that this would boost the department's tax revenue collection.The Customs Department mustered 76.9 billion baht, almost 6% or 4.81 billion short of target, between October and May.The department's tax revenue target has been set at 122.4 billion baht for this fiscal year.Mr Somchai estimates that the department will miss the target by 7-8 billion baht this fiscal year due to the decline in imports, with 4.5 billion baht in foregone revenue in fiscal 2015 after the government earlier cut import duties for 1,500 items.Meanwhile, Deputy Finance Minister Wisudhi Srisuphan said the cabinet had approved amendments to the law governing fines for customs-dodging and rewards given to officials and third-party whistleblowers.Under the amended law, the court can decide on the penalty based on the intention of the tax dodgers or set a fine up to four times the unpaid customs duty.
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