Thai government pays nearly $1b for first-car buyer scheme

BKK trafficThe Thai government paid about 30 billion baht (around $976 million) to 500,000 people who bought cars under the government’s first-car scheme out of 1.25 million people who had registered, the Excise Department said on October 18 in a report by The Nation.

The government initially has reserved an amount of 90 billion baht, or $2.9 billion, to cover the tax refund claims from the car buyers. The number has been revised to 70 billion baht ($2.25 billion) in August.

The remaining 40 billion baht are reserved for 2014, the department said.

The number of those who have not received their cars yet dropped to 104,000 from 130,000 earlier. Preorders continue to rise, but financing has become more stringent. About 20-30 per cent of total preorders failed to pass credit approval.

Meanwhile, Thailand’s car production in the fourth quarter of 2013  is expected to hit 600,000 units with the prospect of production during the year exceeding 2.55 million units.



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The Thai government paid about 30 billion baht (around $976 million) to 500,000 people who bought cars under the government's first-car scheme out of 1.25 million people who had registered, the Excise Department said on October 18 in a report by The Nation. The government initially has reserved an amount of 90 billion baht, or $2.9 billion, to cover the tax refund claims from the car buyers. The number has been revised to 70 billion baht ($2.25 billion) in August. The remaining 40 billion baht are reserved for 2014, the department said. The number of those who have not received...

BKK trafficThe Thai government paid about 30 billion baht (around $976 million) to 500,000 people who bought cars under the government’s first-car scheme out of 1.25 million people who had registered, the Excise Department said on October 18 in a report by The Nation.

The government initially has reserved an amount of 90 billion baht, or $2.9 billion, to cover the tax refund claims from the car buyers. The number has been revised to 70 billion baht ($2.25 billion) in August.

The remaining 40 billion baht are reserved for 2014, the department said.

The number of those who have not received their cars yet dropped to 104,000 from 130,000 earlier. Preorders continue to rise, but financing has become more stringent. About 20-30 per cent of total preorders failed to pass credit approval.

Meanwhile, Thailand’s car production in the fourth quarter of 2013  is expected to hit 600,000 units with the prospect of production during the year exceeding 2.55 million units.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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