Thai government has recently approved the slashing of taxes on wine and spirits in a bid to promote tourism.
In January this year, Lawan Saengsanit, Permanent Secretary of the Ministry of Finance, has announced that excise taxes on wine will be reduced from 10% to 5% while spirits will be reduced from 10% to zero. Meanwhile, import tariffs on wines, currently assessed at 54% and 60% of declared value, will also be exempted for one year. In addition, the excise tax on entertainment venues will also be dropped by half from 10% to 5%.
These tax adjustments will be in place till the end of 2024.
In 2023, the Thai Excise Department collected Bt 177.6 billion (US$5 billion) in alcohol, beer and beverage taxes. The figure can be divided into Bt 64.17 billion (US$1.8 billion) derived from alcoholic beverages, Bt 86.5 billion (US$2.43 billion) from beer and Bt 26.95 billion (US$757.5 million) from other beverages.
In 2023, Thailand welcomed 28 million tourists but it hopes the number will increase to at least 30 million in 2024.
