Under the new free-trade agreement Thailand has to lower tariff rates from the current 20-30 per cent to 5 per cent or alternatively exempt some items from taxes. Farmers who grow tomatoes and wheat would also be affected, Kulit said. Should importers fully utilize tariff cuts, it would make reduce Customs revenues by over Bt800 million, said Kulit. The department has set a target of Bt110 billion in tariff revenue next year. This fiscal year it collected Bt104.78 billion, beating its budget of Bt104 billion.

Source: The Nation Bangkok October 09, 2017 08:37 UTC