The Council of Ministers held a meeting on January 14 to discuss and pass a resolution on a bill to amend the Excise Tax Act. According to the council, after evaluating the benefits and gaps observed in the current Excise Tax Act, which has been in effect since February 2012, it was deemed appropriate to adjust the tax rate imposed on certain products.
After discussing the proposed amendment bill, the council unanimously decided to forward it to the House of People’s Representatives for further consideration and approval.
It should be noted that the Ministry of Finance had previously made new amendments to the Excise Tax Proclamation and submitted it to the Council of Ministers. The revised draft includes reductions in the amount of excise tax on vehicles, including a decrease from 240% to around 120% on vehicles with a displacement of more than 3000 cc and a decrease from 106% to 66% on vehicles below 1500 cc. Additionally, the amendment also includes an exemption of television and video cameras from excise tax.
Apart from these changes, the amendment also exempts television and video cameras from excise tax.