Check the Labels Feb. 16, 2023: Get Ready for the New Excise Tax

On February 16, 2023, Thailand will implement a new excise tax on several products, including cigarettes, alcoholic beverages, and non-alcoholic beverages. Businesses that sell these products must be prepared to comply with the new tax regulations. Failure to do so could result in fines or other penalties.

The new excise tax rates are as follows:

Product	Old Rate	New Rate
Cigarettes	80 baht per pack	90 baht per pack
Alcoholic beverages	20% ad valorem	25% ad valorem
Non-alcoholic beverages	10% ad valorem	15% ad valorem

In addition to the new tax rates, businesses will also be required to comply with new labeling requirements. All products subject to the excise tax must be labeled with the following information:

The name of the product

The quantity of the product

The alcohol content (for alcoholic beverages)

The sugar content (for non-alcoholic beverages)

The excise tax amount

Businesses that fail to comply with the new labeling requirements could be fined up to 10,000 baht.

The new excise tax and labeling requirements will have a significant impact on businesses that sell these products. Businesses should take the necessary steps to comply with the new regulations before February 16, 2023.

Effective Strategies, Tips and Tricks for Complying with the New Excise Tax

Review the new excise tax rates and labeling requirements. Make sure you understand the new regulations and how they will impact your business.

Update your accounting system. You will need to update your accounting system to reflect the new excise tax rates.

Contact your suppliers. Inform your suppliers of the new excise tax rates and labeling requirements.

Train your staff. Make sure your staff is aware of the new regulations and how to comply with them.

Monitor your sales. Keep track of your sales to ensure that you are collecting the correct amount of excise tax.

Common Mistakes to Avoid When Complying with the New Excise Tax

Failing to comply with the new labeling requirements. This could result in a fine of up to 10,000 baht.

Collecting the wrong amount of excise tax. This could result in a fine or other penalties.

Not filing your excise tax returns on time. This could result in a fine or other penalties.

Ignoring the new excise tax regulations. This could result in serious consequences, including fines, penalties, and even jail time.

Success Stories

A beverage company was able to successfully comply with the new excise tax regulations by updating its accounting system, training its staff, and monitoring its sales. The company avoided any fines or penalties and was able to continue operating its business smoothly.

A tobacco company was able to successfully comply with the new excise tax regulations by working closely with its suppliers and distributors. The company was able to ensure that its products were properly labeled and that the correct amount of excise tax was being collected. The company avoided any fines or penalties and was able to continue operating its business smoothly.

A convenience store was able to successfully comply with the new excise tax regulations by educating its customers about the new tax rates and labeling requirements. The store was able to avoid any fines or penalties and was able to continue operating its business smoothly.

Conclusion

The new excise tax and labeling requirements will have a significant impact on businesses that sell cigarettes, alcoholic beverages, and non-alcoholic beverages. Businesses should take the necessary steps to comply with the new regulations before February 16, 2023. By doing so, businesses can avoid fines or other penalties and continue operating their businesses smoothly.

Check the Labels Feb. 16, 2023: Get Ready for the New Excise Tax