Thailand announces tariff cuts for auto industry

The Thai government has approved a reduction in tariffs to 0% in order to boost the local automotive industry, as proposed by the Finance Ministry. The Thai News Service quoted Deputy Government Spokesperson Vachara Kannikar as saying that import tariffs on six categories of automotive components for hybrid vehicles (with engines below 3000-cc) have been waived for the next three years. The move will result in such vehicles becoming cheaper by 22,800 baht (US$704) and will involve a loss of government revenues worth 166 million baht (US$5.13 million) over the period. (July 6, 2010)