Thailand plans to restructure customs tariffs for the steel and petrochemical industries in 2007, covering a total of 5,505 items. As these two sectors are the last industrial groups to be brought into the restructuring, this marks the end of the restructuring of customs tariffs across various sectors in Thailand, which aims to simplify tariffs into three rates. Under the new system, raw materials will face a 1% import tariff, intermediate goods 5% and finished products 10%.
Lower tariffs will not only reduce producer costs and compel domestic manufacturers to improve their efficiency and cost controls, but will also increase the country's attractiveness as an investment destination. Since both steel and petrochemical are important sectors for the country's economy, key upstream materials for a number of other sectors. bringing down import rates will ensure progress in the country's future competitiveness. At the same time, the tax reforms have been selectively phased in for different industries and product categories to allow domestic manufacturers to adjust to greater foreign competition.
25-Jul-05 
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