Toyota unit in Thailand asked to pay 272 million USD in import duties

The Thailand Supreme Court has upheld a ruling that the local unit of Toyota Motor Corp owed the government 10 billion baht (272.11 million USD) in extra taxes for importing components not subject to a reduced tariff.

Monday, September 19, 2022 17:51

Toyota unit in Thailand asked to pay 272 million USD in import duties ảnh 1

Illustrative image (Photo: AFP)

Bangkok (VNA) - The Thailand Supreme Court has upheld a rulingthat the local unit of Toyota Motor Corp owed the government 10billion baht (272.11 million USD) in extra taxes for importing components notsubject to a reduced tariff.

The court agreed with the previous decision that the importeditems should be treated as complete knock-down kits, with an 80% tariff rate,instead of as auto parts, meaning they were not eligible for a reduced rate of30% under the Japan-Thailand Economic Partnership Agreement (JTEPA).

In a written statement, Toyota's Thailand unit said it was payingthe lower tax rate for imported Prius parts based on JTEPA, but it respectedthe ruling and would comply.

The additional tax was owed on more than 20,000 Prius vehiclesassembled at Toyota's Gateway factory between 2010 - 2012, according to earliermedia reports.

Toyota also produces gasoline-engine and hybrid-engine Camrysedans in Thailand, which were not subject to additional tariffs because themajority of parts are procured locally./.

VNA

#Thailand Supreme Court #Vietnamplus #Vietnam News Agency #Toyota Motor Corp #Japan-Thailand Economic Partnership Agreement #Prius vehicles

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