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

Illustrative picture (Picture: AFP)

Bangkok (VNA) – The Thailand Supreme Courtroom has upheld a ruling
that the native unit of Toyota Motor Corp owed the federal government 10
billion baht (272.11 million USD) in additional taxes for importing parts not
topic to a decreased tariff.

The court docket agreed with the earlier choice that the imported
gadgets needs to be handled as full knock-down kits, with an 80% tariff price,
as a substitute of as auto elements, that means they weren’t eligible for a decreased price of
30% beneath the Japan-Thailand Financial Partnership Settlement (JTEPA).

In a written assertion, Toyota’s Thailand unit stated it was paying
the decrease tax price for imported Prius elements based mostly on JTEPA, but it surely revered
the ruling and would comply.

The extra tax was owed on greater than 20,000 Prius autos
assembled at Toyota’s Gateway manufacturing unit between 2010 – 2012, in line with earlier
media stories.

Toyota additionally produces gasoline-engine and hybrid-engine Camry
sedans in Thailand, which weren’t topic to further tariffs as a result of the
majority of elements are procured domestically./.